17 Jun '11, 4pm

Gold prices may hit US$1,700 end of Q3: analysts

SINGAPORE : Gold prices are likely to break previous records, with lacklustre economic recovery in the US and concerns over uncertainty in the European debt markets giving support. Analysts say the precious metal has gained in popularity as a safe haven investment, pushing up prices. Besides stocking up on bullion, they say retail investors in Asia are also looking at other gold alternatives such as gold ETFs as part of portfolio diversification. Gold prices have continued their upward march and analysts say prices are likely to hit US$1,700 an ounce by the end of the third quarter of this year. Fears over Europe's sovereign debt crisis and the weakening US dollar have driven the gold market upwards. Ong Yi Ling, investment analyst at Phillips Futures, said: "(Only) with acceleration of economic recovery and consumer confidence will there be a return to more risky assets."...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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