Gold prices may yet to hit their ceiling as multiple uncertainties fuel risk aversion. International spot gold price once approached the historic mark of US$2,200 per ounce.
Domestic retail price of pure gold in China is also rising, approaching RMB 670 per gram. Aakash Doshi, head of North American commodities research at Citibank, said gold prices could soar to $3,000 an ounce in the next 12 to 18 months. The most likely factor leading to this situation is the accelerated de-dollarization of central banks in emerging markets.