Average gold prices will gain more than 30 percent this year and hold onto gains in 2009, as safe-haven buying fuelled by ongoing financial risks will boost investor interest, a Reuters poll showed yesterday.
A global poll of 40 analysts and traders conducted over the past month produced a median price for gold of $930.00 an ounce in 2008, more than a third higher than gold's average price of $696.95 in 2007...
"If there are more bank failures then gold could move way above $1,000 an ounce," said Matthew Turner, analyst at Virtual Metals. "If the credit-crunch gets worse, then gold could really perform. It's been investment demand that's driving the price since last August rather than jewellery demand."
A global poll of 40 analysts and traders conducted over the past month produced a median price for gold of $930.00 an ounce in 2008, more than a third higher than gold's average price of $696.95 in 2007...
"If there are more bank failures then gold could move way above $1,000 an ounce," said Matthew Turner, analyst at Virtual Metals. "If the credit-crunch gets worse, then gold could really perform. It's been investment demand that's driving the price since last August rather than jewellery demand."
