Gold prices could rise even further despite already hitting $1,000 (£500) an ounce, one investment expert has claimed.
Alex Davies, senior analyst with investment company Hargreaves Lansdown, explained that as people looked for safer investments as the stock market falls, the demand for gold could push prices even higher.
He said: "When the stock market is so volatile, the case is still really strong for investments that are not going to be affected by these markets.
"You can see big swings in the price, just as you can with any investment, but the main reasons that present the case for buying it [gold] are still strong."
He added that other precious metals such as platinum and silver have also performed well as investments recently.
According to Reuters, the price of gold has increased more than 23 per cent so far in 2008, largely due to economic turmoil.
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