Gold News

Gold Prices 'could hit $1,200 per ounce'

DRDGOLD chief executive Niel Pretorius claimed today (April 24th) that he expects Gold Prices to increase to approximately $1,200 per ounce in the coming months, Reuters reports.

South Africa's fourth-biggest producer of the yellow metal has confirmed that its output dropped by two percent after the temporary closure of one of its key mines.

Commenting on the results, Mr. Pretorius explained that investors will continue to Buy Gold as global economics look set to be particularly volatile for some time to come.

He told the news provider: "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."

A similarly optimistic gold price view was expressed this week by Brokers Kinetic Securities, which released a news report with the slogan 'Gold to shine in '09' written on the cover.

"This market is ready to fly hard. There seems to be a lot of energy building here for that to happen," read one section of the report, quoted by The Age.

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