Gold reaches 8-year high, has more gas in the tank: analysts

Gold reaches 8-year high, has more gas in the tank: analysts
2 hours ago | Mike Cooper

Gold prices are off on another tear this week, touching an eight-year high at above $US1,800/oz and analysts are forecasting fresh highs in the months ahead.

The yellow metal was trading around $US1,817/oz ($2,585/oz) Tuesday, according to metal prices website *****.

Analysts at Citigroup bank said in a report that gold prices could challenge their all-time high of $US1,910/oz in August 2011, and could well be on their way to the magic $US2,000/oz.

“It is only a matter of time for fresh highs in US dollars,” the Citigroup analysts said.

“Gold prices started off the week with a bang, pushing up to a fresh eight-year high at an area that has seen multiple resistance inflections over the past few weeks,” DailyFX gold strategist James Stanley said Tuesday.

Silver is also doing well and hit a four-year high on Monday of $US20.30/oz.

Bullish sentiment

Australian gold companies are benefiting from higher gold prices and bullish sentiment around the metal.

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