Gold 'back up to $1,000 by year-end'

Gold prices will be back up to the record-breaking levels last seen in March by the end of 2008.

This is according to Tom Kendall, an analyst at Mitsibushi International, a company that trades in various products including base and precious metals.

He said gold bullion is gaining support from investors looking for decreased risk.

"Equity investors are not happy and risk aversion is on the rise again. I think [gold] will hit $1,000 by the end of this year almost certainly and quite possibly by the end of this month. There are a lot of investors looking at gold not as a no-risk asset but as a low risk asset," he commented.

Gold price analysts have continued to show optimism that prices will rise back to $1,000 since the level was reached in March, citing factors such as a decrease in output from mines, rising crude oil prices and the declining dollar as supporting factors.

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