Gold may gain as investors seek a protection of wealth on concern that Europe?s debt woes will continue, a survey found.
Eleven of 19 traders, investors and analysts surveyed by Bloomberg, or 58 percent, said the metal will rise next week. Five predicted lower prices and three were neutral. Gold futures for February delivery were up 0.1 percent for this week at $1,379.90 an ounce at noon yesterday on the Comex in New York.
Gold futures climbed to a record $1,432.50 on Dec. 7 as investors sought a protection of wealth amid concerns about the fiscal health of countries including Ireland, Spain and Greece. The European Central Bank will lend banks 149.5 billion euros ($196 billion) for three months to meet their liquidity needs over the year-end period.
?The ongoing debt situation will continue to draw investment/fund interest toward the metal,? James Moore, an analyst at TheBullionDesk.com in London, said in an e-mail. Still, ?trade will likely be thin and patchy? next week, he said.
The attached chart tracks the results of the Bloomberg survey, with the red bars derived by subtracting bearish forecasts from bullish estimates. Readings below zero signal that most respondents expect a decline. The green line shows the gold price. The data are as of Dec. 17.
The weekly gold survey that started six years ago has forecast prices accurately in 195 of 342 weeks, or 57 percent of the time.
This week?s survey results: Bullish: 11 Bearish: 5 Neutral: 3
To contact the reporter on this story: Nicholas Larkin in London at nlarkin1@bloomberg.net.
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net.
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