A prominent figure at Lind-Waldock says gold price rally will continue as the metal has a "bullish fundamental case", CNN Money reports. The US Labor Department has confirmed that the country's unemployment rate increased to 10.2 percent in October, up from the 9.8 percent recorded in September.
Adam Klopfenstein, senior market strategist at the commodities brokerage firm, noted that investors hoping for an economic recovery "threw in the towel" after the report.
He added that more money will now move into gold - which is renowned for its ability to provide a safe haven in tough financial times - as people "want to own something tangible".
"It looks like the market is giving gold the green light regardless of what's going on in equities or the currency markets," he told the news provider.
Meanwhile, AngloGold Ashanti, the world's largest producer of the yellow metal, has also endorsed the value of Buying Gold.
In its latest financial report, the company explained that strong investment demand is currently being witnessed in places such as India, the Middle East, Turkey and the US.
"Global investment activity for gold remains strong and the market has stayed buoyant despite rising prices," it said.
"The US market continues to experience robust investment demand with bar, coin and exchange-traded fund demand still rising."
Courtesy: www.bullionvault.com
