Gold price to rise, UBS forecasts

Gold has become the “ultimate currency,” UBS AG said today in a report that projects prices will hit $1,500 (U.S.) an ounce in the next 12 months and says anything below $1,200 represents a buying opportunity. “Since 2001 the price of gold has been on a relentless ascent against all major currencies,” UBS said. “With confidence in paper currency systems badly shaken in the financial crisis, gold, it seems, is reasserting its old role as the ultimate debt-free money … Our gold model also indicates that concerns over the future of major monetary systems are becoming visible in the price of gold.”