Economics
Gold May Reach $5,000 by 2020, Standard Chartered Says
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Gold prices, which rose to a record above $1,600 today, may soar to as high as $5,000 an ounce by 2020 on slowing production growth and increasing demand from China and India, according to Standard Chartered Plc.
“We are looking for the gold price to reach about $2,000 by 2014,” said Yan Chen, Hong Kong-based head of metals and mining for Standard Chartered. “There’s a chance that the gold price can be as high as $5,000 by 2020” as incomes in China and India rise, he said in an interview on Bloomberg Television’s “On the Move Asia” today.