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Gold Prices 'could reach record highs' in 2009

An analyst at a major precious metals consultancy claimed yesterday (May 25th) that Gold Prices could hit record highs later this year, Fund Strategy reports.

The highest price ever attained by the yellow metal was $1,033 per ounce in March 2008, although the psychological four-figure was briefly broken again in February.

Now Sierra Highcloud from GFMS has explained that Gold Investment could increase markedly in the remainder of 2009 over fears about an inflationary reaction to attempts to tackle the economic crisis.

She told the news provider: "There are many blips and corrections in every bull cycle, yet we believe that over the course of this year prices will, overall, remain well supported, if not move to fresh all-time highs."

A similarly optimistic view was outlined in a new report published last week by BNP Paribas SA, which noted that investor demand has been a "bullish factor for the price over the past months".

Andrew Chaveriat, a strategist at the firm, told Bloomberg: "Longer-term inflation worries will continue to shape demand for gold."

Gold prices could make a "creeping advance" to record highs above $1,000 per ounce, he added.

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