It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
(visit the link for the full news article)
By Cameron French
TORONTO, Jan 15 (Reuters) - Gold prices this year should surge above 2008's record levels, rising as high as $1,080 an ounce as government fiscal stimulus efforts weaken the U.S. dollar and fuel inflation, a closely watched report said on Thursday.
Gold could average $915 an ounce in the first half of 2009, up from last year's average of $871.96, GFMS, a London-based consultancy, said in an update of its Gold Survey 2008 report. In comparison, gold traded at $815 an ounce on Thursday.
For the year, gold should trade in a range of $750 an ounce to $1,080 an ounce, which would put it above the record intraday high of $1,030.80 hit on March 17, 2008.
The metal fell sharply after hitting its peak last year, as the global economic slowdown and financial crisis dampened jewelry demand and prompted many investors to liquidate their gold holdings to cover other losses.
Such liquidations could continue, but demand may also rebound because of a weaker U.S. dollar and more buying by investors worried about the inflationary risks of the billions of dollars being pumped into the financial system by governments, particularly the United States.