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Gold Prices 'could break $1,100 per oz' in 2009

A senior figure at Credit Suisse Group claimed today (November 2nd) that Gold Prices are likely to maintain their upward trajectory in the remainder of 2009, Bloomberg reports.

The yellow metal has increased by about 20 percent already this year and has defied its critics by overcoming selling pressure to resolutely remain above the $1,000-per-ounce mark.

Now Tobias Merath, a Zurich-based head of commodity research at the leading financial services company, has explained that he expects the momentum to continue on the struggling dollar.

"We could have a strong end of year and might even break $1,100 before 2009 is over," he told the news provider.

"The gold rally is founded on three pillars and the first is dollar weakness."

Those comments come after Kennedy Wong, chairman of major jewelry firm Hong Kong Resources Holdings, also sounded a positive note for the metal.

Speaking to Bloomberg last week, he noted that cash-rich Chinese consumers are new to the concept of Investing in Gold and that levels of this type of buying in the country will continue to increase.

"The Chinese have only [just] started to buy gold as an investment product, and there's huge room for this sector as the middle class grows," Mr. Wong, whose company has 219 jewelry outlets in mainland China, told the news provider.

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