Gold to break $1,300 barrier: GFMS

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The price of an troy ounce of gold is expected to rise above $1,300 by the end of the year, GFMS, a research body, said on Tuesday.

"We could easily see gold spike comfortably above $1,300 before the year's out." Philip Klapwijk, the chairman of GFMS, said, adding that investment demand was the "prime driver" of the gold market rally during the first half of the year.

Gold rallied to above $1,270 on Tuesday from $1,095 a troy ounce on 31 December 2009, a gain of almost 16%.

GFMS said another fact

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