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Gold Hits $1,122, Barrick Chief Says Selloff Possible

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Thursday, Nov 12th, 2009

Gold may ease from current record highs but the chances of prices falling below $900 an ounce are slim, the chief executive of Barrick Gold told the Financial Times.

“There is no reason why we should expect gold not to sell off,” the paper quoted Aaron Regent as saying. “It is a commodity like any other.”

Spot gold [US@GC.1 1115.2 1.20 (+0.11%) ] shot up to another record at $1,122.85 an ounce on Thursday as a weaker U.S. dollar lifted the metal’s appeal as an alternative investment to currencies. Bullion has now renewed record highs for six out of the past eight sessions.

But Regent said forecasts of the long-term gold price falling below $900 an ounce were “on the light side”, adding that bullion remained susceptible to sell-offs despite its bullish outlook. Barrick [ABX 43.07 -0.06 (-0.14%) ], the world’s biggest gold producer, has said it might complete the planned closure of its hedgebook announced last month before the end of the 12-month window it had set, adding that it had bought back 1 million ounces of hedged gold in October.

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This article was posted: Thursday, November 12, 2009 at 5:02 am

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