The price of gold will soon rise again, if recent comments from one of the world’s top gold miners are to be believed.
On Oct. 25, AngloGold Ashanti chief executive Mark Cutifani told a business forum that he could “easily” see the metal reaching $2,200 an ounce in the next two years.
“Input inflation is still significant and…the world will see a lot of uncertainty over the next couple of years,” Cutifani said, according to the Australian Associated Press. “In those cases, gold tends to do fairly well.”
He added he doesn’t see the prices as a “bubble” because of the increasing cost of mining. “It costs almost $1,200 an ounce now to produce an ounce of gold when you take capital and all costs into account,” Cutifani said.
At press time, the price of gold had hit $1,720 an ounce, still shy of the record $1,920 an ounce it hit earlier this year.