According to the chief executive of AngloGold Ashanti, Bobby Godsell, the gold market is stronger than it has been for the last 30 years, MiningMX.com reports.

Although he declined to make any kind of precise forecast on the future price of the precious metal, Mr Godsell said that growing demand in the jewellery and investment sectors would have a positive bearing on the market.

"The market fundamentals are very strong," he said. "They are as strong as Ive ever seen them in the 30 years Ive had an association with this business, therefore wed expect the price to trade where it is or trade up."

Mr Godsell went so far as to describe this as "a modest prediction" in market which has shown a volatile side in recent months after it hit its highest level for over a quarter of a century back in May, 2006.

As of July 27th, gold was trading at around $632 an ounce, while investors in exchange traded and commodity funds continued to remain buoyant about the precious metals future.