JAKARTA, Indonesia - June 14, 2011 - The head of the world's largest gold producer, Newmont Mining, is tipping the rapid economic rise of China to push gold to the $2000 an ounce mark in the next five years.

The global giant's chief executive, Richard O'Brien, said he was a firm believer that the gold price had not reached its peak, but would remain volatile.

"Five years from now, $2000 gold will probably be in reach," O'Brien said on the sidelines of the World Economic Forum on East Asia.

He said the emergence of a wealthy Chinese middle class would underpin the price rise.

The spot price of gold was $1540.50 per fine ounce at Friday's close, ahead of the long weekend. The yellow metal has been enjoying strong gains as its attraction as a safe haven increases amid renewed global economic concerns in the U.S. and Europe. Volatility in base metals markets and a strengthening U.S. dollar could drive down the price of gold, but MF Global expects the price to trend higher this week and hit new records in the next few weeks.

"Support should come from economic weakness, safe-haven demand, technical factors, potential gains in investment, and the potential that Chinese commodity demand rebounds," according to the brokers.