November 12, 2012 / 12:25 PM / 8 years ago

Barrick Gold sees gold prices hitting $2,000/oz in 2013

HONG KONG, Nov 12 (Reuters) - Gold prices may hit $2,000 an ounce in 2013 as rising costs and production constraints hold supply in check, while demand from central banks and Chinese consumers keeps climbing, Barrick Gold Corp, the world’s biggest gold producer, said on Monday.

Barrick Chief Executive Jamie Sokalsky said supply would struggle to keep pace with rising demand as economic uncertainties and new investment tools in Asia drive more investors to the precious metal, boding well for prices.

“If demand continues to rise, which we think it will through China buying more gold, more investment demand for gold, (and) central banks continuing buying more gold rather than selling as they used to, I feel quite comfortable predicting that gold prices will within the next year be at $2,000, perhaps higher,” Sokalsky said. “It’s going to be a demand-driven type of move.”

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below