Gold might reach $850 by end of this Year.

Gold futures should reach the $850 an ounce level sometime this year, propelled by dollar weakness and the need of foreign governments to diversify away from the U.S. currency, James Turk, chairman and founder of GoldMoney.com, said Wednesday. Gold futures peaked at a closing high of $721.50 an ounce on May 11 and have been trending lower since then. However, Turk characterized the weakness seen this month as a correction, and predicted further gains for gold. Prior to this month's market action, many analysts had expected gold futures to top $1,000 sometime this year. Turk now expects to see gold above $1,000 in 2007. (Corrects spelling of analyst's name.)