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Gold Prices could surpass $1,500 in 2010, says expert

Gold Prices could rise beyond the $1,500 per ounce this year, according to one industry expert.

Jeffrey Nicholls, specialist precious metals analyst and managing director of American Precious Metals Advisors, believes that the long-term components of a sustained rise in global Gold Prices are in place.

He wrote on his website, nicholsongold.com: "Regardless of the near-term prospects for gold, the long-term fundamentals promise substantial appreciation later this year and beyond.

"We remain firm in our conviction that gold prices will touch or surpass $1,500 in 2010 - and continue to move higher in subsequent years."

If the demand for the precious metal increases, as it is in places such as Vietnam as a result of currency depreciation, Mr Nicholls' price predictions could prove to be true.

Analysts at GoldCore, the precious metals specialist, said: "The dong's continuing devaluation explains the significant demand seen for gold in Vietnam."

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