Gold futures this year will bounce back from recent plunges in value to push beyond record prices and the milestone value of $2,000 per troy ounce, states an association's survey, cited by The Financial Times.
Administered by the London Bullion Market Association, the survey notes only three of 26 gold-dealing financial institutes and traders do not view the yellowish metal as likely to advance in 2012. The record price of gold futures is $1,923.70 per troy ounce and was set on September 6.
"With the gold space far from crowded, when the tide turns, it would take a relatively small showing of support to cause the price to move quickly," precious metals strategist Edel Tully with UBS told the news source, citing one driver of the precious metal's climb this year will be the recession that is likely to impact Europe.
Gold futures this past December plunged to their lowest price in six months of $1,521.94 per troy ounce.
Agence France-Press reports President Nicolas Sarkozy of France and Prime Minister Mario Monti of Italy, the euro zone's second- and third-largest economic systems, met in Paris on Friday to discuss deficit-reduction strategies.
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