Hedging and demand will push up gold - Newmont

Newmont Mining Corp, the world's No. 2 gold producer, expects gold prices to rise in 2011 as a hedge and on demand from emerging countries, such as China, its chief executive said on Friday.

Newmont's CEO Richard O'Brien told Reuters Insider at the World Economic Forum in Davos that it expected gold prices to hit $1,400-$1,500 an ounce this year, even up to $2,000 in the future.

Earlier in January, Denver-based Newmont reported 2010 gold production at the high end of its previous outlook and said operating margins for the precious metal had increased.

Newmont operates mines in North and South America, Australia, Indonesia and Africa.

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