The price of gold could rise as high as $1,600 an ounce as investors opt for assets with lasting value rather than volatile currencies, says one hedge fund manager who has increased his exposure to the precious metal. "All the fundamentals are in place. If it breaks last year's high it can go to $1,200 to $1,400 quite quickly," Pedro de Noronha, managing partner of Noster Capital told Reuters in an interview on Tuesday. Spot gold rose through the psychologically significant barrier of $1,000 an ounce this week-- its highest since March 2008 when it hit a record $1,030.80.   more »

US-based hedge funds DE Shaw and Citadel Investment Group have filed a winding-up petition against Venus Remedies, after the Chandigarh-based company defaulted on a foreign currency convertible bond (FCCB) issue. New York-based DE Shaw, which has invested in several Indian companies such as DLF Assets, and Chicago-based Citadel Investment subscribed to a $12-million FCCB issue of Venus Remedies in May 2006. The bonds came up for redemption on May 2 this year, but company failed to pay the investors. This is the first time that an Indian company is slapped with a winding-up petition — a formal request to a court for the compulsory liquidation of a company — by FCCB investors.   more »