S&P: Gold Prices could jump to $1,500 per oz next year

A major financial services company has suggested that Gold Prices could rise significantly if they can overcome resistance at $1,000 per ounce.

The yellow metal moved into four-figure territory for the third time in its history last week, but it struggled to remain there on the two previous occasions.

However, Standard & Poor's, which is renowned for its stock market indexes, explained that a push to $1,500 per ounce could now be on the cards, the Wall Street Journal reports.

"After falling to $700 in early November 2008, the price of gold is now retesting the $1,000 level," the group's global investment policy committee told the newspaper.

"Should prices break strongly above the $1,000-an-ounce area, we think prices could rise to the $1,200 to $1,500-ounce [range] over the next nine to 12 months."

Meanwhile, Adam Klopfenstein, a senior market strategist at Lind-Waldock - which has over 130,000 active brokerage accounts - has also highlighted the value of Buying Gold.

He explained in an interview with the Associated Press that risk appetite has dampened in recent weeks and investors are realising gold's ability to diversify their portfolios.

"The bull case for equities that a lot of people have been sceptical about has run its course and a lot of people are putting more money in gold to balance their portfolios," he told the news provider.

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