Record gold prices 'could go higher'
The price of gold went past US$2,000 (NZ$3,009) an ounce for the first time earlier this month and is up more than 30% this year, although it had slipped to US$1,987 by Tuesday evening.
Gold is often used as a safe harbour during times of disruption and as a hedge against inflation.
Chris Smith, general manager at CMC Markets, said both gold and silver prices were “due for a breather” because technical indicators had become stretched after nine weeks of gains.
“Gold started the year at $1,500 and momentum move and demand from investors has pushed it past the prior 2011 peak.”
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