Gold prices to cross $1,000/ounce next week

Posted : September 06 2009

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NEW DELHI : This week gold showed its true colours with a surge and poised itself to cross the psychological mark of $1000 per ounce.

According to market analysts, gold prices will definitely rise to $1000 an ounce because of the recent rapid strengthening of its price.

Gold prices have moved up $40 in two days. During next week gold is set to cross $1000 mark.

There is uncertainty about the outlook, and the current gold price has impacted adversely on jewellery gold-fabrication demand, particularly in Indian market.

The all-time high of gold was set on March 17, 2008, when it hit a high of $1030.80 per ounce.

Reason for gold’s recent movements were not related to events that typically pushed the metal higher.

Oil prices haven’t been especially strong by their recent standards, the US dollar has a fragile feel about it, but was more or less in a range seen during recent weeks.

A report from market researchers Forecast said fearful investors worried about a market correction after recent gains may have been investing in gold.

The report said other investment opportunities such as bonds and equities were increasingly viewed as expensive.

Forecast said September was traditionally a seasonal highpoint for gold, and gains were usually reversed in October.

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Gold prices to cross $1,000/ounce next week

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