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Gold Prices 'to hit $1,500' by end of 2010

Gold Prices will reach $1,500 per ounce by the end of the year, one expert has suggested.

Jason Hamlin, a gold market analyst and founder of Gold Stock Bull, said on his website that Gold Bullion's safe haven qualities would serve if the recession proved to be "W" shaped – which he expects it will be.

He said: "Gold has been one of the best performing asset classes over the past decade and is the best storage of wealth during times of monetary expansion and economic uncertainty.

"I am holding to my prediction of $1,500 gold before the end of the year. I also believe we are likely to experience a double dip recession during the back half of 2010."

Meanwhile, Gavin Wendt, Sydney-based analyst with Mine Life Pty Ltd, also believes that Gold Prices are set to move upward, though at a slower pace than Hamlin perhaps.

He told Bloomberg BusinessWeek: "The price of gold has been relatively static over recent times, with near-term movements being influenced by the waxing and waning of the US currency.

"There is every chance that we will begin to see a slow and steady increase in the price of bullion."

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