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Tuesday, 27th January 2009 (752 views)

Gold prices are expected to outperform those of other precious metals and remain steady during 2008, a new survey has revealed.

The poll of 56 precious metal analysts, conducted by Reuters, concluded that the price of gold is likely to fall by approximately $10 (£7.09) on that of 2008 to $862.50 per ounce, as demand increases from investors wary of putting money into currencies in the current financial crisis.

Analyst at Calyon Robin Bhar told the news source that "widespread financial turmoil is the number one factor for gold".

And he added that the traditional trend of gold prices trading in the opposite direction of the US dollar seems to be changing, noting that "it seems both the dollar and gold could be beneficiaries of the flight to quality [investments]".

The survey follows similar research by Bloomberg, in which 28 of 31 traders stated that now is a good time for buyers to invest in the precious metal.

 

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