The price of the precious metal may rise as the global recession and political instability in some parts of the world sustain its appeal as a haven investment, said Feng, who was speaking at a conference in Shanghai Friday.

Gold for immediate delivery has gained 6 percent this year as the worst global recession since World War II increased its investment appeal. The metal touched a record US$1,032.70 in March last year. “The recession caused a reassessment of the world's currency system,” Peggy Ye, an analyst at Shenyin & Wanguo Securities Co., said at the conference.