Gold Could Hit $1,700 by End of the Year: Analyst

Gold is likely to hit $1,650 an ounce by the end of the year and could even hit $1,700, according to one analyst.

"The continuing sovereign debt crisis in Europe, and in the U.S. there is the possibility of further stimulus, so all this generates an environment that is positive for gold," Ong Yi Ling, investment analyst at Phillip Futures told CNBC Monday

Spot gold [XAU=  1612.71    -1.34  (-0.08%)   ] has had its longest winning streak in four decades, and it surged above $1,600 an ounce earlier Monday, rising for the second consecutive week as weak confidence in the global economic environment saw investors seek security.

Ong told CNBC that silver [XAG=  40.22    -0.09  (-0.22%)   ] could benefit from the rally in gold prices, despite many investors piling into the metal, only to see prices plummet back in May.

THIS INFORMATION WAS TAKEN FROM THE CNBC WEBSITE.. THIS IS JUST FOR THE PORPUSE OF SHARING USEFUL INFORMATION ON THE GOLD TREND THAT`S HAPPENING NOW