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Thursday, 15th September 2005 (5145 views)

GFMS, a London-based precious metals research group, has released an update on gold sales.

Its April prediction that gold could fetch above $500 an ounce, could be proved correct as it claims investment demand is still rising.

Gold just broke through the $450 barrier, a fairly rare occurrence that has only occurred a few times in the past 17 years.

Further gold price rises are expected mainly due to increased demand for gold jewellery and people wanting to invest in gold. Gold jewellery demand is accredited with driving the most recent price increases.

GFMS forecasts that gold fabrication, including the manufacture of jewellery and coins, will grow by 6.8 per cent this year.

Speaking to Moneyweb, Paul Walker from GFMS suggested that the future of the gold jewellery market lay in branded jewellery.

GFMS releases a yearly report in April and issues further updates in September and January.

 

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