Gold rises again for private wealth investors

Investors using their private wealth to trade in gold are set to see the precious metal record its second consecutive monthly price increase.

According to Bloomberg, bullion for immediate delivery is up 3.1 per cent for the week and 2.9 per cent for May as a whole.

At 15:55 local tine in Melbourne the commodity was valued at $1,212.90 (£836.34) per ounce and Citigroup’s Alan Heap said an increase to $1,500 per ounce during 2010 is not out of the question.

’Gold is at the moment fulfilling its traditional role as a safe haven,’ he was quoted as saying in an interview on the news agency’s television station.

And research by Bloomberg has indicated gold’s value is likely to rise again next week, with 22 of the 26 traders questioned anticipating a further gain in the coming days.

Its price reached a record high of $1,249.40 earlier in May, exceeding the previous figure set in early December 2009.ADNFCR-2318-ID-19806924-ADNFCR