Gold may gain for a second straight week on speculation that the rising cost of raw materials...
Gold may gain for a second straight week on speculation that the rising cost of raw materials will boost demand for the precious metal as a hedge against inflation, Bloomber reported.
Fourteen of 27 traders, investors and analysts surveyed by Bloomberg from Mumbai to New York on Dec. 20 and Dec. 21 advised buying gold, which rose 2.2 percent last week to $815.40 an ounce in New York. One said to sell, and 12 were neutral.
Gold is up 28 percent this year as the UBS Bloomberg Constant Maturity Commodity Index has climbed 21 percent. Wheat and rice reached records last week, and soybeans traded at the highest in 34 years.
The majority of analysts surveyed Dec. 13 and Dec. 14 anticipated last week's gain. The survey has accurately forecast prices in 117 of 190 weeks, or 62 percent.