Monday, 12th September 2005 (4071 views)

Gold prices could rise to a 17 year high, according to a survey conducted by Bloomberg.

Jewellers have been buying gold in record amounts and the precious metal now costs 13 per cent more than it did last year in New York.

Demand has also risen due to investors taking an active interest in the commodity. Earlier this month, 24 out of 35 traders quizzed had been encouraging investors to purchase gold.

It is partially due to the fear of oil-induced inflation that gold has witnessed a new popularity amongst investors.

Jewellers may well be stocking up on gold in response to the new fashion season, which has heralded the return of gold jewellery.

WGC figures show that demand for gold has already risen, increasing by 14 per cent in the second quarter.

 

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