Gold Prices Rise, Experts Say Could Reach $2,500 By 2013
The price of gold rose again as European debt struggles continued and industry experts predicted record levels for the metal over the next several years.
Gold for December delivery, the most actively traded contract, rose $3.30 to $1,833.40 an ounce, according to CNN.
The rise for the yellow metal came as analysts from the Newmont Mining Corporation, the largest producer of gold in the U.S., predicted that the commodity would rise to $2,500 by 2013.
“I don’t see the facts to cause the gold market to change in at least five years,” Richard O’Brien, chief executive for Newmont, told Bloomberg. “Gold may gain to more than $2,000 in 2012 and stay high for the next five years.”
The safe-haven nature of the commodity has led traders to favor the metal in recent sessions, something that experts predict will remain as a standard practice for the near future. Lower bond yields, growing European sovereign-debt concerns and risk aversion have, and will continue to contribute to the increase for gold, according to the news outlet.
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