The price of gold is up today (July 9th) for the seventh session in a row as investors turned back to the traditional safe haven.
As inflation data released in China gave a boost to the precious metal, it was up again as investors used it as a hedge, reports Reuters.
Gold's value has fallen by around 30 per cent since the turn of the year, but it seems as though it has turned a corner and its price will be growing in the coming weeks and months.
Nomura analysts wrote in a note that rising inflation in China could see gold become a more popular option for investors once more, adding that gold demand in China "already appears to be persisting at elevated levels versus 2012".
They added: "Rising inflation should hamper significant easing responses which should see this trend for enhanced Chinese gold demand continue."
Commodities analysts at Deutsche Bank recently stated that they believe the correction in the price of gold is now over and the value of the precious metal is ready to start growing again.
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