Gold May Climb as World's Central Banks Slow Sales, Survey Says

June 4 (Bloomberg) -- Gold may gain for a second straight week on speculation central banks will slow sales of the metal.
Twenty-two of the 32 traders, investors and analysts surveyed by Bloomberg from Sydney to Chicago on May 31 and June 1 advised buying gold, which rose $15.50, or 2.3 percent, to $676.90 an ounce last week on the Comex division of the New York Mercantile Exchange. Two said to sell and eight were neutral.
The European Central Bank, one of 16 signatories of the so- called Central Bank Gold Agreement, said last week it won't sell any more gold until after Sept. 26. It has sold 60 tons since last September. The banks have agreed to sell no more than 500 tons a year and have shed just 290 tons since September 2006.
Last week's gain in gold surprised analysts surveyed May 25 and May 26, who had predicted a loss. The Bloomberg survey has forecast prices accurately in 99 of 162 weeks, or 61 percent.
This week's survey results: Bullish: 22 Bearish: 2 Neutral: 8