Commodities: Deutsche Bank Trading Chief Says Gold May Hit $2,000/oz. By Year End
The managing director for cross-commodity trading at Deutsche Bank is predicting more gains for gold prices in 2011, suggesting that a run at $2,000 an ounce for the yellow metal is possible before the end of the year.
"I'm bullish on gold despite its current levels," Hal Lehr said in an interview with Bloomberg News in Buenos Aires. "It could reach $2,000 dollar an ounce in the next eight months."
Lehr said investors will continue to buy gold, boosting its price, as a counter-balance to "econoic uncertainty."
Gold for June delivery was up $13.80 to $1,517 an ounce in New York commodities trade, climbing to $1519.30 before easing slightly. The metal reached an all-time record on May 2 of $1,577.57 an ounce.
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