Gold News

Gold predicted to rise further in 2008

Gold prices could gain further next year as the pressured economic conditions that led to 2007's surges continue into 2008, it has been claimed.

This year has seen the weakening dollar, the US subprime mortgage problems and three interest rate reductions help push gold to new highs, says Money Morning.

And while these conditions are unlikely to prevail to the same extent in 2008 as they did in 2007, it is similarly unlikely that they will completely ease off, the website states, potentially keeping gold prices on the same upward trend that has been recorded in recent years.

Money Morning investment director Keith Fitz-Gerald predicted that gold will hit the $1,000 mark next year after seeing a decline.

Meanwhile, Dennis Gartman, editor of the Gartman Letter, said: "In the past several years, gold's been going from the bottom left of the screen to the top right."

Earlier this month, VM Group and Fortis Bank's latest Yellow Book report predicted that gold prices will reach $900 per ounce next year.


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