Gold News

Bullish prediction for gold prices

Gold prices will see a considerable growth in the long-term, one analyst has claimed.

DundeeWealth Economics chief economist Martin Murenbeeld has said that the current situation, in which gold prices remain fairly steady, will change come 2009, with a possibility of them reaching $1,200 an ounce, reports the Financial Post.

He explained that factors such as the pressure on other commodities and the shortage of new gold from mines would conspire to push prices up, suggesting a scenario in which the dollar plunges by ten index points in order to raise prices to this extent.

"These projections may be considered somewhat bearish by some, but we assure them that the medium and long-term outlook remains quite bullish indeed," he said, according to the Financial Post.

Gold prices gained in Asia for the third day in a row today (April 8th), as investors rushed to secure their assets against inflation, according to Bloomberg.

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