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Gold To Cost $500 p/oz In Some Months

"Gold is back in flavour these days..."

The international gold prices may hit $500 an ounce early next year on the back of strong demand and record crude oil prices, the director of Dubai's gold exchange predicts.

?Demand remains very strong in most parts of the world and although there are significant underground reserves, it is not available quickly," Colin Griffith, director of the Dubai Gold and Commodities Exchange (DGCX) told Reuters in an interview.

"And with the oil price at $70 a barrel and no indications that it is going down, gold should be higher. I wouldn't be surprised to see it hit $500 within six months," he added.