Gold News

Gold smashes $900 mark

Gold prices have surpassed the $900 milestone and are inching towards $915 per ounce.

Prices rose as high as $914 an ounce in New York trading earlier today (January 14th), with gold futures managing to reach $915.90.

However, analysts have sounded caution over depending on prices remaining at historic highs for long, despite longer-term predictions from some over when the yellow metal will reach $1,000 per ounce.

"Fundamentally, we are very cautious and would not advocate going long here because positioning is still extreme. There is a risk of $50 to $100 dollar correction at any time," Robin Bhar of UBS Investment Bank commented.

Despite this, the ongoing weakness of the US dollar, coupled with continuing international tensions and uncertainty over the general condition of the American economy, could keep gold at a relatively high level.

Experts from Merrill Lynch and Goldman Sachs recently claimed that the US is nearing recession.

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