Terry Hanlon of Dillon Gage Metals in Dallas predicted gold futures, having endured a setback since touching record prices in early September, will recover next year and push higher because demand will continue rising. He also pointed to questions about economic situations in the U.S., Europe and elsewhere in the world as potential drivers of the precious metal.
"Gold's long-term prospects remain strong as demand continues to rise, while growth in world supplies should remain limited," the company president said. "Uncertainty about U.S., European and other economies will clearly keep investors interested in precious metals in 2012."
He pointed to this Friday's European Union summit, for which anticipations are running high regarding the formulation of a resolution to the euro zone's debt scourge.
Gold futures are hurtling toward achieving an 11th consecutive year of annual gains after having begun the year priced at around $1,400 per troy ounce. The yellowish metal was worth around $1,733 per troy ounce on Tuesday afternoon.
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