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Tuesday, 17th March 2009 (1752 views)

Korean gold investors who have purchased the metal through the Shinhan Bank gold investment account Gold Riche have received returns of 66.7 per cent in just six months.

Rapidly increasing global gold prices mean that the bank's investment account has climbed sharply over the past half-year, according to the Korea Times.

Investors have been increasingly turning to gold as a 'safe haven' asset during the global economic downturn, with both physical gold and investment accounts offering strong returns.

The newspaper reported that a gold investment fund launched by IBK SG Asset management company witnessed a 27.7 per cent investment return over the past three months, figures from fund evaluating firm Zeroin showed.

UBS has forecast that gold prices could reach $2,500 (£1,789) per ounce over the coming months as a result of the current financial markets uncertainty, though other analysts have questioned the figure.

The credit crunch has also led to a rise in demand for gold across the US, David Beahm, vice president of economic research at New Orleans-based precious metals retailer Blanchard and Co told New Orleans Business News.

 

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