BLBG: Gold May Rebound on Demand for Haven Amid Financial Turmoil
Gold may rebound from the biggest weekly loss since early December as investors seek a haven from turmoil in financial markets.
Twenty of 31 traders, investors and analysts surveyed from Tokyo to Chicago on Feb. 26 and Feb. 27 advised buying gold, which fell 6 percent last week to $942.50 an ounce in New York. Seven said to sell, and four were neutral.
Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, reached a record 1,029.3 metric tons on Feb. 26. Gold has gained 6.6 percent this year as the Standard & Poor’s 500 Index dropped 19 percent. The metal reached a record $1,033.90 on March 17.
Gold’s decline last week surprised most traders surveyed on Feb. 19 and Feb. 20. The survey has forecast prices accurately in 149 of 251 weeks, or 59 percent of the time.
Last week’s survey results: Bullish: 20 Bearish: 7 Neutral: 4
