– History may repeat itself for gold demand and prices as world economy looks set to slow – Three reasons for gold’s extended rally from 2008 to 2011 may be making a comeback – As global growth looks to be slowing, hopes grow for repeat of 2008-11 rally that saw gold almost triple in value
This is sparking hopes that the precious metal may finally break out of a fairly narrow five-year range, although it’s still far from certain that the dynamics for a sustained rally are entrenched.
The 2008-11 rally that saw spot gold almost triple in value to reach a record of $1,920.30 an ounce was built on three pillars, namely strong physical demand from top buyers China and India, robust central bank purchases, and appetite for a safe haven investment amid the fallout from the global recession.
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