Gold to hit $2,400 on the back of QE3

Julia Kollewe
Gold bars
Gold bars

AFP/Getty Images

Gold prices are surging again and could set a new record of $2,400 by next summer. The reason? A third round of quantitative easing in the US and more economic stimulus from other central banks around the globe.

The first round of QE in February 2009 drove gold higher from $900 an ounce and it has been rising ever since. Gold was trading at six-month highs and rallied to a near 11-month high above $1,791 last Thursday after the Federal Reserve unleashed more stimulus for the American economy. Gold stocks have also had an impressive run.%VIRTUAL-SkimlinksPromo%