Gold 'will breach $900 again'

Gold prices will surpass the $900 per ounce mark again in the near future, despite the yellow metal falling back by over two per cent today (January 16th), it has been claimed.

Prices dropped to $881.25 an ounce earlier today after seeing a $914 high earlier this week.

However, Yukuji Sonoda of Daiichi Commodities said that this fall in prices may well be short-lived.

"Within a few days, the gold price will go back to over $900," he commented, adding: "The next target is $1,000. It won't take a long time to reach $1,000."

The US economy has been dogged by fears over whether it will enter a recession soon, which, along with oil price movements, a weak dollar and global tensions, have helped to drive the price of gold to record highs.

Meanwhile, a recent survey conducted by bizjournals.com revealed that nearly two-thirds of businesspeople are more concerned over the state of the economy than they were three months ago.