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.
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.