Gold Forges Ahead as Citigroup Says Haven Role `Back in Vogue'
- Citigroup raises price forecast for 2016 by 7.5 percent
- Holdings in gold-backed ETPs climb to highest in two months
Gold cast bars of varying size at The Perth Mint Australia. 19th July, 2011. Photograph Ron D'Raine/ Bloomberg
Photographer: Ron D'Raine/BloombergThis article is for subscribers only.
Gold climbed to the highest in more than a week and investors boosted holdings in bullion-backed funds as global market turmoil spurred demand for a haven.
The metal rose as much as 1.9 percent in New York as commodities dropped and a gauge of world equities teetered on the brink of a bear market. Citigroup Inc. raised its forecast for gold prices this year, while cutting the outlook for crude oil and base metals. The cost of living in the U.S. fell in December and housing starts unexpectedly slumped, government data Wednesday showed.