Experts see gold price stable over next year

Monday 27 September 2010 12.31
Gold prices - Record highs hit on Friday
Gold prices - Record highs hit on Friday

Industry professionals gathered for a precious metals conference in Germany forecast today that the price of gold would be roughly stable over the next year after recent strong gains.

Bankers, traders, mining executives and others forecast on average that the price of the yellow metal would be $1,406 an ounce in September 2011, compared to around $1,300 an ounce now.

Since September 2009, gold prices have soared about 30%, as investors worried about the global economy sought a save haven, hitting a new record of $1,300.07 an ounce on Friday.

At last year's conference on precious metals organised by the London Bullion Market Association, participants were overly cautious, forecasting that gold would reach $1,181 an ounce by this year's gathering.

Meanwhile, silver jumped to $21.44 an ounce on Friday - its highest level since September 1980.