Photo: Covilha via Flickr
As gold hovers just below the $1,300 mark it broke last week, consensus expects the metal keep rising in the coming week.The bull is back:
Sixteen of 23 traders, investors and analysts surveyed by Bloomberg, or 70 per cent, said the metal will rise next week. Six forecast lower prices and one was neutral. Gold for December delivery was up 1.3 per cent for this week at $1,293.60 an ounce at 11 a.m. yesterday on the Comex in New York. Futures climbed to a record $1,298 on Sept. 22.
The weekly gold survey that started six years ago has forecast prices accurately in 189 of 329 weeks, or 57 per cent of the time.
This week’s survey results: Bullish: 16 Bearish: 6 Neutral: 1