Officials with Barrick Gold Corporation, Goldcorp and Newmont Mining all lent credence earlier this week to increasing prices for bullion at the Denver Gold Forum in Colorado. Reasons supporting the upward drive include large, looming questions about the global economy and shortages of new supply lines.
"The fundamentals that are backstopping a higher gold price are there," chief executive officer Jamie Sokalsky with Barrick Gold Corporation told the news service on Monday. "I'm optimistic that, with the uncertainty throughout the world and the macroeconomic environment and some of the fundamental supply and demand aspects of gold, that we could see new highs on the gold price."
At 12:56 p.m. on Thursday, gold futures gained 1.10 percent, a $19.10 lift to $1,752.80 per troy ounce.
With a record price of $1,923.70 per troy ounce as established on September 7 of last year, bullion was driving higher on Thursday after the U.S. Federal Reserve announced it will implement a third round of quantitative easing, according to The New York Times.
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