BANGALORE: Gold prices could catapult to anywhere between $1,870 and $5,000 an ounce based on a theoretical analysis, an analyst at Capital Economics said on Friday.
Spot gold hit a record high of $1,594.16 on Thursday, as the worsening euro zone debt crisis and fears of US default powered the metal's longest winning streak in five years.
Analyst Julian Jessop said gold prices hold significant potential for further gains if the Dow Jones Industrial Average were to test its record low ratio of between 1 and 2 versus the metal, as during the Great Depression and the early 1980s.
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