Gold Could Hit $1,400 This Year

The gold rally is far from over and the price of the precious metal could hit $1,400 per troy ounce by the end of the year and keep rising from there, James Turk, chairman and founder of GoldMoney, told CNBC.

"In this current run I think you're going to see 1,200 to 1,400 (dollars per troy ounce) by the end of this year, and next year I think it's going to continue," Turk said.

Investors are moving out of paper gold and into physical gold due to increased risk aversion and that's what's been driving the price higher over recent months, Turk said.

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The slump in equities continues today as further details of Dubai World’s debt burden come to the fore; dragging risk sentiment lower across asset classes. Asian indices are down 3-5% across the board ...

Asians indices are down 3_5%across the board and US equity futures point to an equally unsavoury open after yesterday's public holiday.