Gold prices 'could hit $1,000 per oz' next month

A senior figure at CPM Group has suggested today (January 30th) that gold prices could soon soar above the $1,000 per ounce mark, CNN Money reports.

The last time the yellow metal passed that figure was in March 2008, when a record high of $1,030 per ounce was attained on the back of investors looking to escape the jittery financial markets.

But now Carlos Sanchez, a precious metals analyst for the New York-based firm, has explained that the economic landscape is still not improving, thus gold investment is on the rise.

He told the news provider: "If we continue to see bad economic conditions and deterioration in the financial markets, I think we could see that [$1,000 per ounce] next month."

The view that the four-figure barrier will be broken soon was also echoed recently by respected GFMS CEO Paul Walker, who has a proven track record of predicting gold prices.

"Gold is looking a very attractive proposition for those people looking for a safe place to put their cash," he told MiningMX.

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