Gold to Serve as Safe Haven in the Longer Term: World Gold Council
The financial markets may take more time to stabilize.
SEATTLE (Scrap Monster): The most recent edition of Investment Update published by the World Gold Council (WGC) states that gold has the potential to serve as a safe haven in the longer term. The yellow metal has been a source of liquidity and collateral in various portfolios, it said.
According to the WGC report, stock indices around the world have witnessed significant fall. However, gold’s performance has been positive in various local currencies including the pound sterling, euro and Indian rupee. Also, it has been flat to slightly negative in certain currencies such as renminbi, US dollar and Japanese yen.
The financial markets may take more time to stabilize. The gold prices are likely to experience additional swings on account of high volatility. However, gold investment demand is likely to get support from long-term implications of the prevailing high risk environment.
In the short term, gold demand is likely to soften. The Chinese National Bureau of Statistics (NBS) estimates indicate 40% decline in gold, silver and gem jewellery purchases in the opening two months of the current year. The weak consumer markets in other countries are expected to further weaken global gold demand.
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