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Friday, 13th February 2009 (2431 views)

Gold prices could reach as much as $2,300 (£1,583) per ounce as a result of increasing demand, an expert has forecast.

US Global Investors portfolio manager Ralph Aidis told Mining Weekly that he would "not be surprised" if gold prices continued to rise considerably higher in the long term.

The financial services expert explained that gold prices may pull-back in the short term, but will continue to increase sharply following the decision by the government to let Lehman Brothers collapse.

He added that "the gold price went to its biggest extreme in 15 years inverse to the dollar and prompted people to get some gold in their portfolio" delaying the 20-year commodity cycle.

Meanwhile, new figures from the Dubai Multi Commodities Centre have revealed that the emirate’s gold trade increased in value by 53 per cent from AED 70 billion (£13.2 billion) in 2007 to AED 106.43 billion last year.

 

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