Gold Bulls Persist on Dollar Drop as Stimulus Kept: Commodities
This article is for subscribers only.
Gold analysts are bullish for a second week on speculation that prolonged U.S. stimulus and a weakening dollar will boost demand for the metal as a haven.
Seventeen analysts surveyed by Bloomberg News expect prices to advance next week, nine are bearish and six neutral. The Bloomberg U.S. Dollar Index, a measure against 10 currencies, slid to an eight-month low this week as U.S. employers added fewer jobs than expected last month. Gold’s 30-week correlation coefficient to the index is at minus 0.53, with a figure of minus 1 meaning the two always move in opposite directions.