Gold price return to $1,000 per ounce

A leading analyst in Singapore has claimed today (October 10th) that he expects gold prices to rise back to $1,000 per ounce in the near future.

The yellow metal last hit such heights earlier this year in March, when the price reached $1,030 per ounce following a sustained bull run.

A sharp correction followed, but now Adrian Koh, of Phillip Futures, has explained that the current rash of gold buying should see those levels retested in the coming months.

He said: "I think a lot of people will be speculating about $1,000 gold again, and I personally think it's not very far away."

Investing in gold tends to be viewed as a prudent course of action in times of economic turmoil, which may explain the price climbs in the past few weeks.

Indeed, many commentators have suggested that the bailouts of banks in countries such as the US, the UK and Iceland have done little to improve confidence in the financial systems.

While gold prices may experience short-term volatility in such conditions, Mr. Koh also explained that the effects of the credit crunch will work to gold’s benefit in the long run.

"In the midst of the bloodbath in the equity markets, gold will probably be the standout winner here," he added.

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