Gold prices 'will go up'

Investors wondering whether their gold holdings will increase in value might be interested to read that a growing number of experts believe this will be the case.

Walter De Wet, analyst at Standard Bank, has affirmed that he believes the yellow metal will definitely rise in the longer-term, although the path to $1,000 an ounce may not be smooth, Reuters reports.

"Longer-term, gold is going to go up. The $1,000 level is a strong resistance level and the metal might make one or two attempts before it breaks it," he remarked.

The comments came after the Prospectors & Developers Association of Canada conference opened with a raft of bullish predictions on the future of gold bullion based on factors such as mining supply and geopolitical activity.

Brad Baker of Rainy River Resources claimed that there is a case for gold even reaching the $2,000 an ounce mark, the Financial Post reports.

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