Gold Prices May Rally From 25-Year High on Iran, Survey Says
Gold prices, already at a 25-year high, may rally for a third straight week as mounting tensions over Iran's nuclear program spur investor demand for bullion as a haven, a Bloomberg News survey shows.
Twenty of 29 traders, investors and analysts surveyed from Sydney to Chicago on Feb. 2 and Feb. 3 advised buying gold, which last week reached $579.50, the highest since January 1981. The outlook is the most bullish in two months. Four respondents recommended selling, and five said gold will be little changed.
Gold jumped 10 percent in January, the biggest monthly gain since September 1999, as Iran's escalating dispute with the U.S. led investors to buy commodities as an alternative to stocks and bonds. The U.S. says Iran, the world's fourth-largest oil producer, is building a nuclear bomb. Iran says it wants to develop nuclear-power plants
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Twenty of 29 traders, investors and analysts surveyed from Sydney to Chicago on Feb. 2 and Feb. 3 advised buying gold, which last week reached $579.50, the highest since January 1981. The outlook is the most bullish in two months. Four respondents recommended selling, and five said gold will be little changed.
Gold jumped 10 percent in January, the biggest monthly gain since September 1999, as Iran's escalating dispute with the U.S. led investors to buy commodities as an alternative to stocks and bonds. The U.S. says Iran, the world's fourth-largest oil producer, is building a nuclear bomb. Iran says it wants to develop nuclear-power plants
( For rest of the story, click here )
posted by Oil Shock at 12:00 AM
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