Gold News

Gold Prices 'could hit $1,100 per oz' in next six months

A leading precious metals consultancy predicted yesterday (September 14th) that Gold Prices could reach $1,100 per ounce next year, Reuters reports.

Investors are currently awaiting the yellow metal's next move with bated breath as it continues to hover around the psychologically-significant $1,000 per ounce mark.

GFMS has explained that if fears over inflation - against which gold is often bought as a hedge - grow in the next six months, Gold Prices could continue to advance steadily.

"I would expect that by the beginning of next year we will be back above the $1,000 level again, and maybe with the market heading toward $1,050 and even $1,100 if there are sufficient signs of inflation and concerns over the US dollar to motivate significant investment inflows into the market," chairman Philip Klapwijk told the news provider.

A similarly positive view was outlined last week by Jang Joong Shik, head of precious metals trading at Seoul-based firm Hyundai Futures.

Speaking to Bloomberg, he explained that the combination of a weak dollar - which moves in the opposite direction to gold - and inflation concerns will stand the metal in good stead.

"The dollar will keep a weak tone, which combined with inflationary concerns, will power a further rise in the metal," he told the news provider.

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