Gold News

Expert eyes $1,100 mark for gold

Gold prices could surpass $1,100 per ounce this year, according to one expert.

Sean Brodrick of Money and Markets said that he would not be surprised if such an event occurred after gains of 30 per cent were made last year.

A number of factors could contribute towards a surge in 2008, including tightening supply levels, new demand from non-traditional quarters and falling mine output, he explained.

This is despite some regions of the world experiencing an increase in gold output, such as China.

"While the top five miners each produce between 3.5 million and seven million ounces every year, they're more likely to concentrate on working their existing mines and buying up other mines, and focus less on new exploration," Mr Brodrick commented.

A number of other experts have already made predictions that gold prices will at least hit $1,000 an ounce this year.

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