Why is price of Gold rising?

Just today, price of precious metal gold has risen to US$1,000 an ounce as the dollar falls. A friend of mine asked me why is gold price rising? My answer to him was, "When printing of money results in dollar depreciation, people will move to safer haven like gold. Many central banks may be expected to give up the dollar if the talk of a new currency pass through.".

To prove my point, I made a search and found the below very interesting article. It talks on the reason why gold price is rising and its likelihood that it may even hit US$2,000 per ounce within the next 2 to 3 years. However, I personally am not very keen on gold investing unless its price falls back near to US$800 before I am comfortable.

The Case for Gold Today [via]