NEW YORK ( TheStreet) -- Newmont Mining's ( NEM - Get Report) CEO foresees an upward trend in gold prices, but cautions a brief dip in the process.

Newmont's CEO Richard O'Brien predicts gold prices to land somewhere in the range of $1,025 to $1,250 an ounce in 2010, according to Reuters. O'Brien believes that gold could also rise to $1,250 to $1,500 an ounce in the longer term, according to the wire report.

O'Brien says that a dip below $1,025 an ounce won't last, given the underlying demand for gold, says Reuters. After all, gold's reputation as a safe-haven asset persists. The report adds that Barrick Gold's ( ABX) chairman Peter Munk is expecting higher gold prices in the longer-run as well.

Gold for February delivery rose 60 cents to $1,099.50 an ounce at the Comex division of the New York Mercantile Exchange Wednesday morning and was volatile on concerns over Chinese lending restrictions.

-- Reported by Andrea Tse in New York

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