Singapore: Gold may rise for a fifth straight week on speculation that record energy costs and slumping equities will spark demand for a haven.
Eighteen of 25 traders, investors and analysts surveyed from Mumbai to Chicago last week have advised investors to buy gold, which gained 2.9% to $960.60 an ounce last week in New York.
Meanwhile, gold extended gains on Monday, holding near its highest level in almost four months hit last week on record-high oil, but a rebound in the dollar could limit the upside.
Gold rose to $964.85/965.85 an ounce from $963.00/965.00 late in New York on Friday when it jumped as high as $967.60, its strongest since 19March.
Gold futures for August delivery on the COMEX division of the New York Mercantile Exchange added $5.4 an ounce to $966.0.