17th January 2012
Gold prices in commodity trading could reach as high as $2,000 per ounce by the end of 2012, it has been predicted.
Precious metals consultancy GFMS has made the prediction based on the fact the commodity has risen by more than 600 per cent since 2001.
"A combination of factors will ensure that sufficient demand from investors and to a lesser extent official sector institutions comes into the market for it to clear at higher levels," a GFMS statement claimed.
Gold prices reached a high of $1,920 per troy ounce in September last year, but this value could be eclipsed if traders continue to see the commodity as a safe haven for investment.
Earlier this week, Michael Lally, director at Thesis Asset Management, claimed gold prices have been held back in recent months due to the inaction of the US Federal Reserve in terms of its quantitative easing policies, which has reduced liquidity in markets.
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