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Wednesday, 11th March 2009 (1678 views)

Gold prices are on course to break record levels due to the safety of the commodity as an investment, it has been predicted.

Speaking at the Reuters Global Mining and Steel Summit in Johannesburg, chief executive of South African gold producer Gold Fields Nick Holland said the previous high mark of $1,030.80 (£748) achieved last March is likely to be surpassed soon.

He remarked: "We've been up near there just recently and I think there's a distinct possibility that we could go above that any time in the next couple of months."

Mr Holland added that he expected this to occur on the basis that the world financial crisis will get worse.

Earlier this week the Financial Times reported that hedge funds are increasingly turning to gold as an investment commodity.

It noted that Eton Park, TPG-Axon and Greenlight Capital have all shown an interest in the precious metal.

 

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