The spectacular bull run in gold prices is unlikely to end soon, with bullion retaining its appeal in 2012 due to the uncertain global economy, analysts and industry officials said on Friday.
Gold's growing allure for buyers ranging from central banks to retails investors will provide a cushion for prices, even if the euro zone ended its debt crisis and the global economy embarked on a recovery, they said.
"There have been short periods where the price action has taken on bubble characteristics but I don't think the gold party is over," said Tom Kendall, head of precious metals research at Credit Suisse.
"If we have a bear market in trust, then it would be a bull market in gold. And now we have a bear market in trust worldwide, which is contributing mightily to the unsettled state of markets."
Text: Fayen Wong, Reuters