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Monday, 15th June 2009 (946 views)

The uncertainty currently being felt in the global financial system has prompted a surge in demand for gold, it has been observed.

Gulf News noted that the precious metal is a hedge for investors in difficult economic times, with those in North America and Europe in particular showing interest.

John McGaw, chief executive of Killik & Co Middle East and Asia, explained that the 148 tonnes of gold coins and bars bought in the final quarter of last year marked an 811 per cent increase on 2007 figures.

And chief executive of Nexus Gurnos Stonuary was quoted as saying: "In times of crisis, many people will turn to gold because they believe it offers more security, is a tangible asset and a safe haven for their finances."

Meanwhile, Merit Financial has described the precious metal as a "must" in the current financial climate, tipping demand to remain high as a result.

 

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