Gold may advance further says survey (GoldCore Quoted)

23 November 2009  MSN

Gold may advance as investors seek to hedge against a weakening dollar and possible inflation, a survey showed. Nineteen of 26 traders, investors and analysts surveyed by Bloomberg, or 73 per cent, said bullion would rise in the week starting November 23. Five forecast lower prices and two were neutral.

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Bullion futures are heading for a ninth annual gain as countries have cut interest rates to near zero and spent trillions to pull the global economy out of the worst recession since World War II. "Concerns about the long-term outlook for the value of fiat currencies and the threat of inflation are leading many investors and savers" to gold as a store of value, GoldCore, a brokerage in Dublin, said in a note.

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