Gold News

Gold nears $900 mark

Spot gold prices closed in on the $900 per ounce milestone earlier today (January 9th) as a result of intense investment fund activity and increasing oil prices.

Prices reached $891.40 an ounce today, breaching the $881.10 record set yesterday, Reuters reports. Gold has broken several records since the end of last year as geopolitical tensions prevail and uncertainty over the US dollar continues.

As a result, a four-figure price per ounce for gold by the end of the year has not been ruled out by several experts.

Although demand for gold jewellery is on the decline as a result of rising prices, investor demand for the yellow metal is offsetting this, David Holmes, director of precious metals sales at Dresdner Kleinwort Investment bank, told Reuters.

"I perceive that it's possible for gold to continue making new highs. $900 is clearly within reach and given its recent momentum, it may continue making progress towards the psychologically-important $1,000 level," he added.

Oil prices hit the $100 per barrel mark earlier this month - setting a new record.

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