4
March
Gold May Rise on Libya, Inflation Concern, According to Survey
4 March 2011 Bloomberg.com
Gold, trading near a record high, may climb as violence in Libya and concern that inflation will accelerate boost demand for an alternative asset, a survey found.
Sixteen of 20 traders, investors and analysts surveyed by Bloomberg, or 80 percent, said the metal will rise next week. Four predicted lower prices. Gold for April delivery was up 1.8 percent for this week at $1,414 an ounce at 11 a.m. yesterday on the Comex in New York. Futures reached a record $1,432.50 in December.
“Unrest in Libya and the potential for it spreading to other key Arab areas is fueling the advance,” said Jim Pogoda, an investor in Summit, New Jersey, and a former precious-metals trader for Mitsubishi International Corp.
