Gold News

Gold Prices 'to hit $1,050 per oz' by end of 2009

A prominent official at Standard Chartered Bank Malaysia claimed on Saturday (July 11th) that Gold Prices should reach $1,050 per ounce by the end of 2009, the Star reports.

The yellow metal reached its record high of $1,030 per ounce last March but has struggled to overcome resistance on the few occasions it has subsequently tested the level.

However, Choong Wai Hong, head of wealth management at the bank, explained that its customers' Gold Investments have more than doubled in the past three months as they prepare for that figure to be surpassed.

He told the news provider: "As always, in times of uncertainty, gold remains a good investment hedge. Gold prices have been fluctuating within a narrow range and keeping [their] value.

"Our short-term view is that [the] gold price will be range-bound and volatile while the mid-to-long term outlook remains bullish in view of the weaker US dollar and growing demand in commodities."

Meanwhile, Quantitative Commodities Research analyst Peter Fertig also sounded a positive note for the future of the gold price in a recent interview with Reuters.

He explained that despite some market commentators beginning to discuss possible green shoots of economic recovery, investors will still turn to gold as the future remains uncertain.

This is typical of the situation which you get when the economy is bottoming out: the data is mixed, there is no clear trend and you have questions about the pace and sustainability of economic recovery leading some investors back into gold," he told the news provider.

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