he demand for gold in Asia and the Middle East is rising, a UK newspaper attests.
This is according to the Guardian, which states that buyers of gold jewelry in countries such as Vietnam and Indonesia have surged, helping to dispel the effects of the end of the festival season in India.
Frederic Panizzutti, a metals analyst for MKS Finance, said that he was optimistic about the market for buying gold, which could be of interest to investors as it may give a boost to prices in the long-term.
“The physical activity is quite good, it’s still reasonable. We expect the market to get back to gold and push it higher but you need to consolidate somewhere between $850 and $950[an ounce],” he told the Guardian.
India is the world’s largest consumer of gold and other Asian countries are now following in its footsteps as they emulate the western world in gold investment as a hedge against inflation.
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Goldbug, 14 May ’08
Source: http://goldnews.bullionvault.com/
