New Delhi, Sept. 19 -- Gold prices could rise significantly higher to a record high of USD 6,600 per ounce if the ongoing bull run continues, according to a report by Jefferies.

The firm said this projection is based on historical trends and the long-term methodology it has followed to track the yellow metal.

The report pointed out that at the peak of the last major bull market in January 1980, gold was equal to 9.9 per cent of US disposable income per capita. At that time, disposable income per capita stood at USD 8,551 and the gold price was USD 850 per ounce.

Currently, the gold price is at USD 3,670, which is 5.6 per cent of US disposable income per capita of USD 66,100. To reach the earlier ratio of 9.9 per cent, gold would need t...