Gold may rise to $2,000 an ounce by the end of this year and $2,300 an ounce by the close of 2012 because of investors buying the metal as a haven amid turmoil in financial markets, Newmont Mining Corp. Chief Executive Officer Richard O’Brien said.
Newmont Mining Corp., the world’s second-largest gold producer, said it’s too early to say whether its proposed $4.8 billion Conga mine in Peru will proceed while a state-commissioned review is in progress.
Gold may rise to $2,500 an ounce in three years as investors buy the metal as a hedge against inflation, said Richard O’Brien, chief executive officer of Newmont Mining Corp., the second-biggest producer by sales.
U.S. stocks fell, halting a three-day gain, and commodities trimmed an early advance as a contraction in American manufacturing and concern about the budget debate overshadowed optimism on China’s economy. Treasuries and the dollar fell.