Gold News

Gold to retest $1,000

A new report released this week by Citi Investment Research has claimed that gold prices could top $1,000 per ounce by the end of this year.

The yellow metal last broke through that barrier in March, when a sustained period of growth resulted in the price reaching $1,033 per ounce before cooling during the past few months.

But now the report, published on Wednesday (September 17th), has explained that gold is being buoyed by a combination of macro, supply and demand factors.

One section read: "Ultimately, gold is a small market with motivated Asian and petrodollar-fuelled buyers.

"(In the) longer term, we would not be surprised to see it (gold price) double or triple."

The price has seen some volatility in the past week as Wall Street has been rocked by a number of institutions either filing for bankruptcy, seeing their share prices plummet or urgently seeking buyers.

Indeed, Wednesday saw the largest ever one-day gold price rise, and one senior trader in Japan told Reuters that the trend will continue in the long term.

He said: "Gold is clearly overshooting so we are seeing some selling now although the credit crisis is not over, so investors will continue to seek safety from gold."

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