Miner: Gold likely to surpass $1,500 this year

Gold prices look set to soar past the $1,500 an ounce mark during 2008, according to one miner.

Yamana Gold chief executive Peter Marrone told the Global Mining Summit in London that "there is a good chance" the price of gold bullion will rise that far by the end of this year, Reuters reports.

The comments came after Goldcorp chief executive Kevin McArthur told the same event that prices will breach the $1,000 an ounce milestone and stay above that level for some time.

Mr Marrone claimed that the present economic climate provides "a perfect storm" for gold prices to soar further.

A number of factors are currently combining to lead to higher gold prices, including rising oil prices, lower mining output and inflationary fears, resulting in some investors taking the view that buying gold will provide a safe haven.

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