Gold "the place to be" this year

The gold market is the ’place to be’ in 2010, one expert has stated.

Speaking to Bloomberg, managing director of CWA Global Markets Peter McGuire said that the precious metal is to be in demand from those seeking alternative investment this year.

’It will be a strong year for precious metals,’ he was quoted as saying, adding that a bull market for gold has been in place since ’the middle of 2004’.

The precious metal climbed in value today (January 5th), rising 0.5 per cent during trading in Singapore to reach $1,126.53 (£702.062) at 14:57 local time.

Its value was boosted after the Federal Reserve said that economic growth is to stay ’moderate’, meaning interest rates will probably remain low for the time being.

Gold has been gaining in value in recent weeks, after falling from the record highs it reached at the start of December.

Ellison Chu, manager at Standard Bank Asia was recently quoted by the news source as saying that its price will ’continue to climb higher’.ADNFCR-2318-ID-19540389-ADNFCR