Gold News

JP Morgan sees Gold Price of $1,300 'in coming months'

The bank with the largest market capitalization in the US claimed today (December 7th) that Gold Prices could reach $1,300 per ounce in the "coming months".

Gold's seemingly inexorable rise has been halted so far this week after the dollar rallied on a Labor Department report which showed that job losses last month were at their lowest levels since the start of the recession.

However, JP Morgan, which has $2 trillion worth of assets, noted in a new report quoted by Bloomberg that the overall medium-term trend for the yellow metal is still positive.

"Fundamentally, gold appears 'overvalued', but with current demand from consumers (jewelry/industrial) and investors, this is unlikely to be binding," read one section.

"Investor concern with inflation risks is the overwhelming flow."

Meanwhile, Bob Higgins, chief executive of Delaware-based precious metals vault First State Depository, has also highlighted the value of Investing in Gold in the current economic climate.

In an interview with the Daily Telegraph, he noted that the number of people he has witnessed looking to purchase gold so far this year - particularly first-time buyers - has been "off the charts".

"We've reached a point in the economy where people who have talked about putting their money into gold nearly every day of their lives have finally begun to invest in it," he told the newspaper.

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