Reported by: Emon CRWE Newswire Middle East correspondent.
The price of gold is predicted to remain high for the rest of this year as it is in demand by investors and for jewelers, according to the World Gold Council.
The cost has skyrocketed during the recession as gold is perceived to be a safe investment. Demand has been strong across Europe, rising in the second quarter of the year to 84.8 tones which comprised 35 per cent of global demand for small gold bars and coins.
During the second quarter, the gold price soared to a new high of US$1,261 an ounce.
The largest jewellery market remains in India where demand dropped only 2 per cent compared to last year. Purchases from China increased to 75.4 tones and if the government implements its recent proposal to relax restrictions on gold, demand from consumers could rise considerably.
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