Gold News

'Just the beginning' for record gold prices

Prices for gold bullion reached $1,000 an ounce earlier this week, continuing a trend which saw a 32 per cent rise in 2007.

Further good news is predicted for investors in gold, as experts forecasted that prices will only get better.

"I believe gold is going to go higher," commented JPMorgan Chase analyst John Bridges to Forbes. "[Now that prices have risen] above 1,000 [dollars], we are going to get a whole lot of momentum driven [by] investors who are going to drive the price higher."

Many shared his opinion, with the managing partner of LOGIC Advisors also remarking on the breaking of the $1,000 barrier.

"It's psychological and I think the market is going to continue to work its way higher," said Bill O'Neill.

Other factors including slower production in gold mines, especially those in South Africa, as well as ageing mines and the plunging dollar rate, have conspired to keep gold prices high and investors happy as gold output decreases and demand increases, reports Forbes.

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