By Pham-Duy Nguyen
May 12 (Bloomberg) -- Gold may rise for a second straight week on speculation that higher energy costs will boost demand for the precious metal as an inflation hedge.
Nine of 19 traders, investors and analysts surveyed from London to Chicago on May 8 and May 9 advised buying gold, which rose 3.2 percent to $885.80 an ounce last week in New York. Six said to buy, and four were neutral.
Crude-oil futures surged to a record $126.27 a barrel on May 9. Gold rallied 31 percent last year, when a 57 percent surge in oil helped spark the biggest gain in consumer prices in 17 years. Gold reached a record $1,033.90 on March 17.
Gold's gain last week surprised a majority of analysts surveyed May 1 and May 2. The survey has forecast prices accurately in 128 of 210 weeks, or 61 percent of the time.
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