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Gold prices seen to touch $750

Gold prices seen to touch $750
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First Published: Fri, Jun 15 2007. 10 13 PM IST
Updated: Fri, Jun 15 2007. 10 13 PM IST
Gold will rise as high as $750 (Rs30,750) an ounce this year, about $100 more than Friday, as concern about accelerating inflation spurs demand for the metal as a store of value, Newmont Mining Corp. vice-chairman Pierre Lassonde said on Thursday. Gold has climbed 2.3% this year, partly on speculation that higher prices for raw materials, including crude oil and wheat, will spur demand for the precious metal as a hedge against inflation. The metal’s rally has stalled since the end of April, mostly because of a seasonal slowdown in jewellery demand in India and Italy, Lassonde said.
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First Published: Fri, Jun 15 2007. 10 13 PM IST
More Topics: gold | Money Matters | Commodities |