Gold prices could rise to $ 2,100 per troy ounce in the first quarter of 2012. This opinion was voiced by Oleg Dushin, senior analyst at Zerich Capital Management.
According to him, “in the conditions of whipping investors’ fears about the debts of Western countries, mainly Europe, gold has retained its appeal as a hedging tool.”
“This summer there has been a strong trend to secure with gold purchases not only against the traditional problems of the dollar, but also against debts in the euro area. The downgrade of the long-term credit rating of the United States from AAA to AA + 5 August 2011 only increased the attractiveness of yellow metal, which increasingly serves as a “safe haven.” In this capacity, gold differs from other commodities (oil, industrial metals), which are more closely linked to the economic cycle phase. U.S. degradation makes it necessary to make a forecast of gold price movement up to $ 2,100 for the first quarter of 2012, ”the analyst notes.
We add that today gold prices reached a new all-time high of $ 1,761 per troy ounce. That’s $ 41 more than the day before. Thus, this year the prices of this precious metal have already increased by 20%, previously reported Vesti.