Friday 2 December 2016

Gold demand rises to over 40-year high

Published 18/11/2011 | 05:00

Demand for gold is rising by 6pc a quarter as investors around the world become concerned about the debt crisis.

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They are accumulating the metal to protect their wealth and this has pushed prices to a record, the World Gold Council said.

Various forms of gold are being bought: some are buying into gold funds, while others prefer bars and coins.

Demand from central banks in 2011 may be the most since at least 1970.

Gold climbed to a record $1,921.15 (€1420) an ounce in London on September 6 and is heading for an eleventh consecutive annual increase.

Central-bank and government-institution purchases jumped more than sixfold to 148.4 tons in the quarter, the council said.

Central banks may buy 450 tons for this year -- the most for any year since at least 1970.

Irish Independent

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