Gold News

Gold Prices 'to average $1,025 per oz' in next 18 months

Jefferies & Co analyst Michael Dudas has today (August 28th) predicted that Gold Prices will average $1,025 per ounce over the next 18 months, the Associated Press reports.

The highest price ever achieved by the yellow metal was $1,030 per ounce - a level it reached in March 2008 - and it is currently trading at about $960 per ounce.

But Mr. Dudas revealed that he can see gold potentially remaining in four-figure territory for some time to come, with the possible upside of $1,150 per ounce.

Discussing the share performance of Barrick Gold, which is the world's largest gold producer, he told the news provider: "Despite what we characterize as a transition year, Barrick's shares should provide an opportunity to participate in our forecasted improving move in Gold Prices going forward."

Mr. Dudas' comments come after Irish brokerage GoldCore also expressed a positive outlook on the future of gold investment from a longer-term perspective.

The Dublin-based firm explained that a period of inflation - against which gold is bought as a hedge - looks set to descend on the global economy when the effects of the recession are overcome.

"Hopes for an improvement in the economy and fears regarding the emergence of inflation are leading to higher commodity prices," it said in a note quoted by Bloomberg.

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