Gold News

Gold Price "Could Breach $2000"

THE U.S. DOLLAR Gold Price could "peak at well over $2000" an ounce thanks to Indian and Chinese demand, according to the chief executive of one of the world's largest Gold Mining firms.

"With the increasing middle class in China, many Chinese are choosing gold as a way to store wealth, so I don't think that will change," Mark Cutifani, chief executive of AngloGold Ashanti, said this week.

Cutifani added that gold jewelry demand from India remained "relatively strong", although recent import duty hikes has seen it weaken a bit.

Total Chinese gold demand grew by 20% last year, although Indian demand saw a 7% fall, according to World Gold Council data. 

Imports of gold to China from Hong Kong – widely viewed as a proxy for overall imports – hit record levels towards the end of 2011, but have since slowed.

In India meantime, gold imports could fall by one third this year, according to a Reuters survey of industry insiders.

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