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Gold Prices 'to reach $2,000 per oz' by 2017

A senior figure at Malabar Jewellery predicted today (October 21st) that Gold Prices could almost double in the next six to eight years, the Economic Times reports.

The yellow metal has delighted investors in the past 12 months, increasing by 31 percent and eventually touching an all-time high of $1,070 per ounce on October 14th.

Now Shamlal Ahmad, managing director at the renowned Indian and Dubai jeweller, has explained that increased investment interest could send Gold Prices to $2,000 per ounce.

He told the news provider: "Due to religious and social reasons, Indians will continue to buy gold, which will help keep global gold demand steady.

"It could eventually hit the $2,000-per-ounce mark by 2015 to 2017. So investment in gold won't go in vain."

Those comments come after it was revealed last week that upmarket London department store Harrods has decided to offer its customers the chance to buy gold bullion.

Explaining the move, Harrods Bank general manager Malcolm McLean noted that the current economic climate has brought the value of gold investment to a more mainstream audience.

He told Reuters: "We have been very conscious of the fact that there has been an ever-increasing amount of interest in the gold market and in buying investment gold.

"We became very conscious that there is no well-recognised name out there which the general public can turn to and say, 'I know that name, I trust it, I want to buy from them'."

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