Baku, Fineko/abc.az. Gold returns functions of global reserve currency for the first time after cancellation of compulsory gold guarantee of world currencies. In this connection expectations of growth of demand for this metal and as a result its value are growing.

US Gold Corp CEO and founder Rob McEwen stated that in period between 2012 and 2014 gold price can soar up to $5,000 per ounce.

“The cause of gold price rise can be weakening of US dollar against the background of rapid growth of United States’ public debt,” Mr. McEwen said.

He Ruiyan, the head of research at Hong Kong firm Xiamen International Trade Futures Co., predicts that gold price can reach $2,000 before the end of 2010.

”The US government, striving to help domestic economy, prints money. The US increases its debt in devastating scale and that will reduce value of dollar further,” Mr. Ruiyan thinks.

In 2009, Deutsche Bank made gold price forecast for 2010 at the level of $1,100 per ounce, but already last autumn it was surpassed.

14.01.2010 10:14