The chief executive of Africa's largest gold producer AngloGold Ashanti said on Thursday that the price of gold still had upside from its current record levels and could go through $1,700 an ounce.

"I still see upside for the gold price," Mark Cutifani told journalists in a conference call after the company unveiled a second-quarter surge in earnings.

Spot gold was around $1,662.40 an ounce at 0652 GMT, off a record of $1,672.65 set in the previous session. (Reporting by Ed Stoddard)