Sector Update: Barrick, Kinross Gold Shine On Bullish Gold Outlook
Barrick Gold (ABX.TO) is up more than 3% and Kinross Gold (K.TO) by more than 4% amid reports the precious metal may climb the most in more than three decades this year as investors and central banks boost their holdings on concern that global economic growth may stall amid a worsening sovereign-debt crisis in the U.S. and Europe.
Gold for immediate delivery may reach US$2,000 an ounce by the year end, extending this year's gain to 41%, according to the median forecast in a Bloomberg survey of 13 traders and analysts at a conference in Kovalam in South India on Aug. 20. That would be the most since the 127% surge in 1979, according to Bloomberg data.
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