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Tuesday, 7th October 2008 (2104 views)

Buying gold is a "good option" for consumers that have a fixed budget, it has been claimed.

The precious metal's stability in the midst of the global economic downturn has been highlighted by the Hindu newspaper.

Gold has "stood alone amid the rubble" of the US crisis, the paper argued.

Madhusudan Daga, a consultant from CPM Group, told the news provider that other common investment choices such as equities or property have "taken a hit" but gold will continue to be buoyed by the upcoming marriage season in India.

He added that he believes the prospects for gold are good despite rising prices.

Meanwhile, the US mint has been forced to cease production of the half-ounce and quarter-ounce American Eagle gold coins for the remainder of 2008 and will be offering other bullion coins as an alternative, reported Reuters.

It comes after unprecedented demand for the items and volatile market conditions, the agency added.

 

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