Bloomberg.com

Gold May Rise for Second Straight Week on Demand for Haven

By Pham-Duy Nguyen

Sept. 22 (Bloomberg) -- Gold may rise for a second straight week as investors seek a haven from credit-market turmoil.

Fourteen of 22 traders, investors and analysts surveyed from Mumbai to Chicago on Sept. 18 and Sept. 19 advised buying gold, which surged 13 percent last week to $864.70 an ounce in New York. Seven said to sell, and one was neutral.

Gold posted a record two-day gain last week after Lehman Brothers Holdings Inc. filed for bankruptcy and the Federal Reserve took over American International Group Inc. The metal reached a record $1,033.90 an ounce in March.

The gain last week was anticipated by most analysts surveyed on Sept. 11 and Sept. 12. The survey has forecast prices accurately in 137 of 229 weeks, or 60 percent of the time.

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.

Bloomberg.com
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