Gold Breaks US$500 Barrier
MELBOURNE, Nov 29 Asia Pulse - The gold price has topped US$500 an ounce on the local market, reaching its highest levels for nearly 20 years.
At 1230 AEDT the price of gold in Sydney had hit US$502.15 per fine ounce, up US$4.50 on last night's close. ADVERTISEMENT
And the price may be set to rise further still, with some analysts forecasting the gold rush to continue.
CommSec commodities analyst David Thurtell said gold was now at its highest level since 1987 and he expected it to keep going up for some time yet.
"It has probably got some legs yet," he said.
Mr Thurtell said he expected the gold price could reach US$550 in the first six months of 2006.
"Then we could see a bit of a demand reaction and a bit of a supply response," he said.
What I was stating concerning the correlation between gold's rise and 'creeping inflation' is making headlines.
