Gold News

Gold price 'may go above $1,100'

Relationships between currencies and the price of crude oil could see gold prices reach record levels, surpassing even those seen earlier in 2008.

This is according to Jean Temkin, South Africa Technology analyst and commodities author, who pointed out that the disparity between the dollar and the euro has seen the gold price rise by 250 per cent since 2002.

She added that the rapidly-escalating price of oil could see gold bullion become still more attractive.

"If [oil] continues rising at the current rate, [gold] counts to $1142 and $1169 are achievable," she wrote in Business Day.

It was also pointed out that since an ounce of gold can buy less than eight barrels of oil, it is likely to be due for a rise.

Vice-president of the World Gold Council, K Shivram, recently said it is a good time for investors to buy gold thanks to is appeal as a hedge against inflation.

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