Gold News

Gold Prices could be 'off to the races'

International Assets Holding Corporation has claimed that Gold Prices could be "off to the races" if key levels of resistance are broken, Bloomberg reports.

Jeffrey Rhodes, a Dubai-based trader for the firm, suggested that the yellow metal could eventually soar if prices can overcome resistance at $950 per ounce or $960 per ounce.

With support levels at $850 per ounce, he noted that this scenario would offer anyone with a Gold Investment an all-time high of $1,200 per ounce, beating last year's $1,033 per ounce, reached in March.

He told the news provider: "A number that would get everyone very excited would be $1,005 an ounce."

An equally positive view was expressed recently by Niel Pretorius, chief executive of DRDGOLD, who explained that he also expects gold prices to increase to $1,200 per ounce in the coming months.

The strong performance of gold during the economic crisis has benefited South Africa's fourth-largest producer of the metal and Mr. Pretorius is cautiously optimistic of further rises.

"While there is considerable comfort to be drawn from a stronger gold price, particularly if accompanied by rand weakness, we know we cannot be complacent," he told Reuters.

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