Gold may gain for the third straight week, extending a rally above $1,000 an ounce, as investors seek an alternative to slumping equities, dpa reported.
Twenty of 28 traders, investors and analysts surveyed from Tokyo to Chicago on Feb. 19 and Feb. 20 advised buying gold, which jumped 6.4 percent last week to $1,002.20 an ounce in New York. Six said to sell, and two were neutral.
Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, reached a record 1,029 metric tons on Feb. 19. Gold has gained 13 percent this year as the Standard & Poor's 500 Index dropped 15 percent. The metal reached a record, $1,033.90 on March 17.
Most traders surveyed on Feb. 12 and Feb. 13 anticipated gold's gains last week. The survey has forecast prices accurately in 149 of 250 weeks, or 60 percent of the time.
...