Gold Prices May Touch $1,000 Next Year Says GFMS Chairman

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"We may get to see levels of 850 usd an ounce by the end of 2007, as oil closes in on the 100 usd per barrel mark," according to Philip Kapwijk, executive chairman, Gold Fields Mineral Services Ltd.

Gold prices may breach the psychological mark of 1,000 usd an ounce by next year, according to Philip Klapwijk, executive chairman, Gold Fields Mineral Services Ltd, a precious metals research consultancy.

Speaking at the London Bullion Market Association's precious metals conference in the western Indian city of Mumbai on Monday, he said the continued weakness in the US dollar, surging crude oil prices and continuing geopolitical tensions have forced investors to stay positive on the yellow metal.

"We may get to see levels of 850 usd an ounce by the end of 2007, as oil closes in on the 100 usd per barrel mark," he said.

Gold prices touched 845.58 usd per ounce on Nov 7, fuelled by the falling dollar and the heavy losses in the US equity markets.

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