Gold News

"Clear possibility" of $1,000 gold in 2008

Gold prices could hit $1,000 per ounce at some point this year, according to consultancy GFMS.

Speaking at a seminar in Toronto, GFMS executive chairman Philip Klapwijk said that the same drivers of growth at the end of 2007 look likely to push prices to new heights over the course of 2008.

He cited the weak US dollar, high oil prices, the sub-prime crisis and geopolitical issues as possible factors in the continuing rise of gold prices as current demand for gold remains "undimmed".

"Predicting the top is never easy, but we always thought the $900 barrier could easily fall quite soon and then we have to start viewing $1,000 as a clear possibility for later this year," Mr Klapwijk commented.

Meanwhile, spot gold prices remained steady in trading earlier today (January 17th) following yesterday's three per cent dip.

The yellow metal reached a high of about $914 earlier this week.

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