Gold 'is a safe haven' for private wealth management

Private wealth management specialists might find demand for investment in precious metals is on the rise, as one expert described gold as a "safe haven", saying it gives people security.

Martin Rapaport, chairman of the diamond and jewellery-specialised Rapaport Group, commented: "The view of the global economy is that it is not going to be so robust, so people are investing and think gold demand will always be in excess supply."

For those with private wealth, he claimed many see it as "a money", rather than a commodity, adding fondness for the metal in places such as India should ensure the price is always supported.

A recent report from the World Gold Council backs this up, observing demand in other Asian countries like China is also helping shore up its value, as well as ongoing concerns over the global economic recovery and distaste for placing private wealth in riskier assets. ADNFCR-2318-ID-800056421-ADNFCR