Gold Price of $1,100 per oz 'cannot be ruled out' in the long term

A leading German precious metals holdings company claimed on Monday (February 23rd) that Gold Prices could move above $1,100 per ounce in the coming months, Reuters reports.

The yellow metal passed the $1,000 per ounce mark at the end of last week but has dropped in the past few days as some investors sold up and took their profits.

However, Frankfurt-based Heraeus believes that the move may only represent a small blip and that the bigger picture for anyone with a Gold Investment is still positive.

"Should gold actually manage to establish itself in the four digits, then a test of its all-time high can no longer be ruled out," the company told the news provider.

"Longer-term we cannot rule out the yellow metal climbing up to $1,100 an ounce."

That possibility was hinted at last week by George Milling-Stanley, official-sector director at the World Gold Council, who explained that gold investment looks set to continue growing this year as concerns over the economy persist.

"We're looking for continued strong investment demand ... for as long as the economy remains in pretty dire circumstances," he told Dow Jones.

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