Gold Prices are in 'exciting sector of the cycle'

Gold Prices look set to continue rising on account of favorable surrounding fundamentals, it has been claimed.

That is the opinion of Bob Gallagher, chief executive of New Gold, the international gold producer, who believes that the precious metal's position within its own cyclic price system and the wider economic context means that it will rise in value, according to Resource Investor.

He told the news provider: "So for a number of reasons gold is going to continue to strengthen as we move forward.

"In fact, I think we’re in a very exciting sector of the cycle. Whereas commodities like gold tend to have cycles in the 10-year range, we're probably only in about year six. So the fundamentals are very favorable for continued growth in Gold Pricing."

The possibility of a Gold Price rise is supported by specialist precious metals analyst Jeff Nichols, who believes that the commodity will rise to $1,500 per ounce by the end of 2010, according to Mineweb.

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