London's GFMS Sees Gold Price Hitting $670
Source: Business Day (1/19/07)
According to Business Day, London-based minerals consultancy GFMS expects the gold price to reach $670/oz in the first half of this year, although it doubts whether the recent peak of $725/oz will be exceeded
But if the situation in the Middle East deteriorated further, driving oil prices higher, gold could pass $725/oz later this year or early next year, GFMS CEO Paul Walker said yesterday.
Gold was trading at $630/oz yesterday, having gained strength from the weaker dollar. It has traded between $630 and $645/oz in the first two weeks of the year.