'Sky's the limit' for gold prices

Fund managers and gold experts predicted positive prospects for gold futures as prices reached the historic $1,000 an ounce mark yesterday (March 13th).

The prices, which many believe will stay in place for at least the next few months, were reached as investors rushed to secure their finances in gold bullion as a safe option against the weakening dollar and increasingly shaky economy, the Globe and Mail reports.

Other factors have also helped to push prices up, including the fact that the world is producing less gold in total than it was five years ago.

Clement Gignac, chief economist and chief strategist at National Bank Financial, forecasted an increasingly bullish future for gold yesterday.

"We think gold has attractive potential for appreciation and diversification," he said, adding that gold could reach $1,500 an ounce within the next 12 to 18 months.

The dollar sank below 100 yen for the first time in a decade yesterday, prompting fears that the US is entering a recession, according to Reuters.

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