LONDON (Reuters) - Soaring gold prices are likely to breach $1,500 an ounce in 2008, the chief executive of Canada's Yamana Gold Inc (YRI.TO: Quote, Profile, Research) said on Tuesday.

"There is a good chance we will see it before the end of this year," Peter Marrone told the Reuters Global Mining Summit in London.

Gold was quoted at $977.50/978.40 at 8:45 a.m. EST.

It hit a record high of $991.90 on March 6, a rise of 19 percent since the end of 2007, driven by inflation fears, a weak dollar, record high oil, expectations of further rate cuts in the United States and tight supplies.

Marrone said the current environment formed "a perfect storm" for higher gold prices, which would need to rise to more than $2,000 in adjusted dollars to match the previous nominal peak of $850 set in 1980.

(For summit blog: here)

(Reporting by Ben Hirschler; editing by Rory Channing)