Futures Market News
Malaysian group predicts gold to climb to $2k this year
Feb 17, 2012 06:34 AM
Gold futures will achieve the milestone mark of $2,000 per troy ounce during the middle of this year, the top official of the Gold Bullion Entrepreneurs Association of Malaysia said.
The precious metal will be driven to that value by the debilitated global economy and its influencing investors to demand safe-haven investments, the group's secretary-general told The Star in an interview, also noting from now to next month bullion will climb as high as 8 percent. He also said the second quarter of this year is likely to see increased activity with gold trade and demand.
"We expect gold trading to pick up in the second quarter 2012," Datuk Joseph Kow told the publication. "Gold is generally perceived as money that is universally accepted like a currency."
Thursday saw gold futures hover amid optimism for officials hashing out the bailout for Greece, according to Reuters. The Aegean nation is waiting on disbursal of funds from its second bailout since June 2010 and is attempting to avoid defaulting on financial obligations, one of which is due next month.
Gold futures' record price is $1,923 per troy ounce as set in early September of last year and the yellowish metal this year is driving toward a 12th consecutive year of annual gains.
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