Gold price rise 'only a matter of time'

The price of gold bullion is likely to rise within the next six months and could again breach its record prices of $1,000 an ounce.

This is according to a GFMS, the world's foremost precious metals consultancy in London, reports Mining MX.

Nikos Kavalis, a senior analyst for the firm, said that he believes all the economic conditions are still there to prompt a rise in gold prices.

"We expect a rally will take place in the next six to 12 months, probably in six months and very likely in the last quarter," he said.

Furthermore, his statements were backed by Dave Davis, a precious metals analyst with Credit Suisse Standard Securities - one of the world's largest financial service providers.

"There is no doubt in my mind the price will be over $1,000 an ounce by Christmas," he predicted.

Both analysts cited factors such as rising crude oil prices and seasonality as likely to assist a rise in prices.

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