Gold could hit record highs above $1,600

Gold could hit record highs above $1,600 per ounce later this year, driven by low interest rates and stubborn concerns over the euro zone debt crisis, metals consultancy GFMS forecast yesterday.

“GFMS are expecting that towards the summer prices could start to move materially higher, with gold possibly breaking through $1,500 (per ounce) at that stage,” GFMS said. “They also see an approach to or even a breach of $1,600 by late 2011/early 2012 as quite feasible.

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