Gold News

Gold Prices 'set to reach all-time high'

Richcomm Global Services analyst Pradeep Unni has suggested that Gold Prices could reach record levels in the coming weeks and months, Bloomberg reports.

The highest price ever attained by the yellow metal was $1,030 per ounce in March 2008 as the global financial crisis took hold and investors sought a store of wealth.

However, it has now pushed into four-figure territory again and Mr. Unni has explained that further weakness in the dollar - which has an inverse relationship with gold - could send prices even higher.

He told the news provider: "If the dollar continues to be pressured by investors selling it to buy riskier assets, bullion could extend gains.

"If gold can keep above $1,000 this week, it may pave the way for a test of the record."

Meanwhile, Etruscan Resources, a gold company which owns the Youga mine in Burkina Faso, has expressed its delight at the news that Gold Prices have surpassed $1,000 per ounce.

Spokesman Richard Gordon explained that it will aid gold miners' exploration and development projects, while also providing "an automatic shot in the arm" on the revenue side.

"It attracts investors and it makes projects that were a bit marginal profitable by allowing the company to mine lower grade ore economically," he said in an interview with the Chronicle Herald.

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