Gold prices have been rising for some time and that is not likely to change in the near future, according to an expert.

'Gold is in a long-term bull market with good potential for absolute investment returns,' said US-based Tocqueville Asset Management's John Hathaway.

Hathaway is currently visiting the region to promote a unique Sharia-compliant gold fund that was set up in January with seed funding from Dubai Multi-Commodities Centre.

The operation is a joint venture with Dubai Sharia Asset Management and is promoting investment in this Islamic institution in the Middle East and further a field.

'I see gold continuing to rise against paper currencies and investing in gold producers using a Sharia fund lets investors take both long and short term positions,' he said.

'There is a supply demand imbalance in the market with a stagnant mine supply at a time of greater investor interest. It is an efficient market in that it is very slowly geared because of the nature of the product and the demand.'-TradeArabia News Service