DAVOS-Newmont CEO sees gold at $1,025-$1,250/oz in 2010

DAVOS, Switzerland, Jan 27 (BestGrowthStock) – Newmont Mining Corp
(NEM.N: ) CEO Richard O’Brien forecast the gold price to range
between $1,025 and $1,250 an ounce this year, though he said it
could dip below the lower level briefly.

O’Brien, who is attending the World Economic Forum in Davos,
also forecast that the price would in the longer term rise to
$1,250 to $1,500 an ounce. The spot gold price was last quoted
at around $1,092 an ounce.

He said in an interview with Reuters that any declines below
$1,025 an ounce would not be sustainable because of underlying
demand for the precious metal, including its use as an inflation
hedge and a currency of last resort.

Earlier, the chairman of Canada’s Barrick Gold Corp (ABX.TO: )
Peter Munk said he also expected the gold price to trend higher
in the longer run. [nLDE60Q1TS]

Barrick and U.S.-based Newmont are the world’s No.1 and No.2
gold producers respectively.

Stock Report

(Reporting by Martin Howell; Editing by Hans Peters)

DAVOS-Newmont CEO sees gold at $1,025-$1,250/oz in 2010