Gold will continue to shine, say analysts

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A survey by Bloomberg showed investors were overwhelmingly bullish, saying prices would rise as investors seek a safe haven.

Of 31 gold traders, investors and analysts, 28 recommended purchase.

Only three survey respondents said to sell. None sat on the fence.

Gold futures for February delivery jumped 6.7% last week to $895.80 an ounce —at one time passing $900. The news agency says it is the most bullish response since it began conducting the surveys in April 2004.

Gold climbed 5.5% last year, the eighth consecutive annual gain, but today it lost as much as 1.3% to $888.49 an ounce. Gold for immediate delivery fell $8.45, or 0.9%, to $891.30 in Tokyo.

The metal for December delivery on the Tokyo Commodity Exchange jumped as much as 5.4% to 2,565 yen a gram ($894 an ounce).