Azerbaijan, Baku, Aug. 16 / Trend, A. Badalova /
This year, gold prices could reach $2,500 per troy ounce compared to the current $1,740 per troy ounce. These forecasts are contained in the U.S. bank JP Morgan analysts' report on the commodity market.
Prior to Standard&Poor's downgrading the United States, JP Morgan forecasted gold price at $1,800 per ounce by late 2011.
According to their report, after the downgrading of the credit rating, the price on gold increased by three percent to over $1,700 per troy ounce. However, gold still has the potential for growth, JP Morgan said.
As a result of trading end on the COMEX, December gold futures fell by $8.9 (0.5 percent) to $1.742.60 per troy ounce.
Yesterday, gold prices reached a historic high of $1.813.79 per troy ounce.
Since early 2011, gold prices have risen by 24 percent.
During the first quarter, the growth in gold prices hit 1.3 percent. In 2010, gold prices rose by a record 30 percent.