Report:
Gold prices could hit $1,500 From: National Jeweler
Network - May 13, 2010
New
York--Gold prices, which touched a new high of $1,249 an ounce
Thursday, are expected to head northwards on a "medium-term
basis," reaching $1,338 to $1,550 levels, according to
reports from Kitco and ScotiaMocatta, the global bullion banking
division of the Bank of Nova Scotia.
Analysts say that even at current levels, investors in gold
have already made a profit of approximately 7.92 percent,
and that investor desire for physical gold will remain strong
and will support higher prices.
In India, higher gold prices might prompt a pull back in
consumer jewelry demand, analysts says, but with the Hindu
holy day Akshaya Tritiya right around the corner, market reports
also indicate that consumers have already begun purchasing
large amounts of gold. Though the holy day is not until May
16, customers have been making their bookings in order to
take advantage of the current price advantage. At press time,
gold was trading at just under $1,240 per ounce.
According to tradition, starting a new activity or buying
valuables, including gold jewelry, on the day of Akshaya Tritiya
is thought to bring individuals luck and success.
Gold prices since January have primarily remained in the
$1,000 and $1,100 range, but broke the $1,200 mark in early
May and continue to climb.
