Gold 'heading higher'

Gold prices could again reach the record levels previously attained in March 2008 before the end of the year.

This is according to Carlos Sanchez, precious metals analyst at CPM Group New York, who said that gold prices are likely to head higher than their present levels, although there may be a period of pullback prior to this.

"Gold has become more popular as an investment … because it is more available to investors. We expect [prices] to rise to $1,000 [an ounce] by year-end before heading higher again next year," he commented to the Chicago Tribune.

CPM Group is a leading commodities market research, consulting, asset management and investment-banking firm and focuses on various commodities markets, from precious metals to tropical soft commodities.

Forbes magazine reported earlier this month that many people were prompted to make a gold investment following a decision by the US Federal Reserve to leave interest rates unchanged.

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