Gold May Rise for Seventh Week:BloombergGold May Rise for Seventh Week on Demand for Dollar Alternative
By Choy Leng Yeong
Feb. 19 (Bloomberg) -- Gold may gain for a seventh straight week as declines in the dollar boosts the appeal of the precious metal as an alternative investment.
Seventeen of the 37 traders, investors and analysts surveyed by Bloomberg News from Sydney to Chicago on Feb. 15 and Feb. 16 advised buying gold, which rose 50 cents to $672.80 an ounce last week on the Comex division of the New York Mercantile Exchange. Thirteen respondents said to sell, and seven were neutral. Gold has risen 10 percent since Jan. 8 and is up 23 percent from a year ago.
The Bloomberg survey has forecast prices accurately in 90 of 147 weeks, or 61 percent of the time.
This week's survey results:
Bullish: 17 Bearish: 13 Neutral: 7
To contact the reporter on this story: Choy Leng Yeong in Seattle at clyeong@bloomberg.net
Last Updated: February 18, 2007 15:51 EST