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Friday, 30th January 2009 (1448 views)

Gold prices are likely to soar to record levels in dollar terms in the future as a result of concerns about US currency.

The chairman of mining company Barrick Gold told Reuters that the price could even treble is central banks, including China, switched from dollar holdings to gold.

Speaking to the news service at a meeting of the World Economic Forum in Davos, Peter Munk stated: "Whether it's the currency effect or a reaction to a feeling of uncertainty, gold in my opinion is more likely to go up than down."

Prices of gold have soared by almost 17 per cent since October 2008 and investors have been increasing their purchasing of physical bullion such as gold bars and coins.

Gold producer Barrick has a portfolio of 27 operating mines and a range of exploration and development projects around the world, including 124.6 million ounces of proven and probable gold reserves.

 

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