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Gold Prices to hit $1,500 in 2010?

A leading precious metals analyst has suggested that Gold Prices could reach as much as $1,500 per ounce next year.

Jeffrey Nichols, managing director of American Precious Metals Advisors, said that provided the underlying support structures of gold price growth remained intact, there was no reason why the yellow metal's value should not rise, according to the Daily Telegraph.

He told the news provider: "The four pillars of gold-price strength remain intact. Looking ahead to 2010, don't be surprised to see gold at $1,500 or higher by the end of next year."

Last week, National Australia Bank also highlighted 2010 as a potential bumper year for Investing in Gold, revealing that it expected gold prices to rise steadily over the course of the 12 months.

While the world's 17th largest bank does not anticipate quite such positive growth, it suggests the precious metal could reach a value of $1,234 per ounce in the year's final quarter, according to Reuters.

The bank said that consumer demand would underpin the price rise.

"Investor interest continues to support gold demand, while jewelry consumption remains very weak," it said, according to the news provider.

"Gold prices are expected to remain well supported before trending higher with a rebound in jewelry consumption over 2010."

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