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Monday, 19th September 2005 (5943 views)

Gold prices are at their highest since 1988 and do not show signs of decreasing, as gold demand continues to be strong.

Gold is used as an investment as well as in jewellery and in a whole range of technical, medical and scientific applications.

A survey conducted by Bloomberg last week showed that 34 out of the 49 traders, investors and analysts surveyed advised buying gold.

However, demand is already outstripping supply. Supply is predicted to fall short of demand by 459 metric tonnes this year, according to Citigroup, said Bloomberg.

This is perhaps not surprising, as whilst demand has increased, production has remained fairly stable.

Although gold prices are high, they still have some way to go until they top the record, set in 1980, of $850 an ounce.

 

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