Gold News

AshantiGold chief: Gold Prices 'to pass $1,000' in 2010

The head of AngloGold Ashanti claimed today (May 15th) that Gold Prices will rise above $1,000 per ounce in 2010.

Although the yellow metal broke through the psychological four-figure barrier in February, it has since cooled, much like when it reached a record $1,033 per ounce in March 2008.

However, Mark Cutifani, chief executive officer of the world's third-largest gold producer, explained that the level will be retested next year due to the popularity of Gold Investment.

"The price should rise beyond the $1,000 level next year, driven mainly by investment funds," he was quoted by the news provider as saying in a media conference call.

Mr. Cutifani's comments come after Joseph Saluzzi, co-head of equity trading at Themis Trading LLC, expressed his belief that gold has "another ten percent upside before some profit-taking kicks in".

"Some people will claim there's no value to it [gold] but so what, it does what it's supposed to do," he told the International Business Times.

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