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Gold prices may hit US$1700 end of Q3: analysts

Gold prices may hit US$1700 end of Q3: analystsIn about just 10 years since the year 2001, the price of gold has gone by an almost 100 times the rate then.

The ambiguity and vagueness lurking in Europe and United States are said to be a further booster for the price of gold as it is expected to go even higher in the upcoming few weeks.

Unlike what most people would say or believe, the price of gold does reduce at times.

The gold prices had touched the highest at about $680 an ounce in the month of January in the year 1980 and it is said that if one had purchased gold at that point of time, then for about 20 years to come, one would have repented the decision to purchase.

Since then the price reduced by about 60 percent and in around the middle of the year 2001, the price went down to about $270. But now in 2011, the price has again gone up by almost 465 percent as the price of gold is fluctuating in and around $1500.