Gold Prices Set for $1,000 in 2008

Source:

"Investor appetite for gold at the moment seems undimmed and this should push gold higher over the year," GFMS chairman Philip Klapwijk said as the independent research group published its annual Gold Survey.

Gold prices could hit 1,000 dollars an ounce in 2008 after this week's record-breaking run that was fuelled by fierce investment demand, precious metals consultancy GFMS said Thursday.

"Investor appetite for gold at the moment seems undimmed and this should push gold higher over the year," GFMS chairman Philip Klapwijk said as the independent research group published its annual Gold Survey.

"Predicting the top is never easy but we always thought the 900-dollar barrier could easily fall quite soon and then we have to start viewing 1,000 dollars as a clear possibility for later this year."...

The yellow metal had struck its historic high on Monday, after surging past 900 dollars for the first ever time in New York at the end of last week.

Even without geopolitical support, gold could still strike more record peaks, according to the GFMS report.

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