Gold Prices could move 'to $1,200 per oz or higher'

UBS strategist John Reade has suggested today (February 24th) that Gold Prices may rise to $1,200 per ounce or higher in the coming months, Reuters reports.

The price of the yellow metal has shot up by roughly $130 per ounce in the last month alone as investors continue to be attracted to its safe-haven qualities amid the current economic turbulence.

Now Mr. Reade has explained that the Anglo-Swiss bank believes that the record Gold Price of $1,030 per ounce will be surpassed and that a move even higher is certainly on the cards.

He told the news provider: "We have an average forecast of $1,075 for the first half of this year, which implies we should get to a new high.

"To average that in the first half of the year, you could make a case for gold going up to $1,200, perhaps more. [Investment demand is] the only thing in the market at the moment."

Mr. Reade's comments come after Pradeep Unni, an analyst at Dubai-based firm Richcomm Global Services, claimed last week that investment demand is pushing prices higher.

"Chart-based buying and persistent demand for investment purposes have been the fundamental triggers for such accelerated gains when almost all other asset classes are heading further south," he told Reuters.

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