Gold Price To Rise To US$1,800 An Ounce By Year-end, Says Poh Kong
PETALING JAYA, Sept 19 (Bernama) — Poh Kong Holdings Bhd, the biggest jewellery retail chain in Malaysia, expects the price of gold in global markets to increase to US$1,800 an ounce by year-end on the back of growing sentiment toward security assets including gold.
Currently, gold is sold at US$1,770 an ounce (one ounce = 31.2 grammes).
Executive Director Ermin Siow said the price would remain bullish until 2015, and next year it would definitely exceed US$2,000 an ounce.
Speaking at a media briefing on “Overview of Gold Demand Trends” Wednesday, Siow said continued concerns over the U.S. economy and other major countries like China will certainly be the driver of gold prices in future.
“Although more than 60 per cent of world trade is transacted in the US dollar, the uncertain recovery of the US somehow puts limits on its gains,” he said.