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Friday, 29th May 2009 (1184 views)

Chinese investors are choosing to protect themselves from the world's economic problems by buying gold, it has been suggested.

According to China Daily, sales of gold bars and jewellery have been on the increase in large cities such as Shanghai, Beijing and Guangzhou.

With fears about the recession deepening, one expert told the news source that the precious metal is proving popular because it retains value.

Xiao Zheng, analyst at Ping An Securities, was quoted as saying: "The declining value of the dollar along with the worsening economic outlook is forcing investors to seek other anti-inflationary investment tools, like gold."

Earlier this week, British prospector Vince Thurkettle told the Daily Mail that a growing number of people have been trying their luck at searching for gold.

He explained that demand for gold panning courses has trebled in the last year, as the onset of the economic downturn has renewed interest in the precious metal.

 

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