April 14, 2011

LONDON – Record-breaking gold will likely surge past $1,600 per ounce for the first time later this year, driven by fears over high inflation and low global interest rates, consultancy GFMS forecast Wednesday.

“We would not be surprised … to see gold break through $1,600 before the end of the year,” said GFMS chairman Philip Klapwijk in the group’s latest report.

The forecast, which was unchanged from the previous prediction given in January, comes after gold hit a record $1,478.18 per ounce in London on Monday.

Klapwijk added: “Investors continue to be concerned about the outlook for inflation, with governments in general showing little appetite to tighten monetary policy.

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