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With gold presently testing its psychological safe haven pull on investors, gold miners around the world remained confident the price lackluster of the yellow metal will not last and that it will surely hit a new record within 2012. In a survey by PricewaterhouseCoopers LLP (PwC) for its annual Gold Price Report, 80 per cent of mining companies said gold will increase in 2012 and will continue to do so to reach pinnacle $2,000 per ounce within the same year. Reuters

Gold and silver prices tumbled on Monday, led by a nearly 10 percent drop in spot silver prices , as investors liquidated their positions on fears of an impending recession.

Spot gold fell more than 3 percent to $1,604.29 an ounce, wiping off gains over the past two months.

U.S. gold dropped 2 percent to $1,607.2, tracking the weakness in spot prices.

U.S. silver shed 6.6 percent to $28.10.

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