Gold Survey 2010: Prices May Retreat To Upper $1,100s In Short Term

BEIJING, July 7 -- Gold prices may retreat to the upper $1,100s per troy ounce from current levels, a possible low over the rest of the summer due to potential temporary sell-offs by investors amid fears of a "double dip" of the global economy, according to the Gold Survey 2010 Wednesday.

Jointly launched by GFMS Ltd. and the World Gold Council, the survey reported that gold prices will be underpinned around $1,150-$1,200/oz, with prices in that region most likely to be eventually pushed up again by bargain hunting and stock replenishment.

Investors will remain the principal driver of prices this year, with a breach of $1,300 in the second half a strong possibility.