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Price of gold to soar to $5,000
Standard Chartered bank has tipped the price of gold to soar as high as $5,000 (£3,051) per ounce by 2020. The bullish view of the gold market indicates the perceived security of the commodity among investors, who have rushed to the precious metal since the financial crisis. The bank says limited gold production, the gold purchasing programmes of central banks and the increasing demand for the commodity in India and China will combine to push up its price. Spot gold prices closed at $1,520 an ounce yesterday.