gold edges toward $1,000

September 7th, 2009. Published under News. No Comments.

Ines Schumacher | Fri, 04 Sep 2009 10:11
[miningmx.com] — ANALYSTS expect the gold price to push through the magical $1,000/oz soon, but they fear the move is driven by short-term factors and is not sustainable in the long-term.

Gold is currently hovering just below the $1,000/oz barrier at $987/oz in early morning trade. It managed to reach $991/oz on Thursday.

“Gold will quite likely breach $1,000/oz if not today in the next few weeks,” CEO of metals consultancy firm GFMS Paul Walker said.

He said it would be extremely challenging for the gold price to remain over this psychological hurdle since it is currently being driven by short-term investment flows. (more…)