Gold falls on speculation of dollar surge

January 22, 2009

Commodity Online
SINGAPORE : Gold prices fell while silver advanced in Asian trade Thursday. Gold’s surge was influenced by a speculation that dollar will strengthen, reducing the appeal of the precious metal as an alternative investment.

Gold futures for February delivery fell $5.10, or 0.6%, to $850.10 an ounce on the Comex division of the New York Mercantile Exchange.

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Silver futures for March delivery rose 15 cents, or 1.3%, to $11.325 an ounce in New York. The metal slumped 24% in 2008 while gold climbed 5.5%.

The dollar Index, the basket of six currencies, slumped as much as 0.7% Thursday before rebounding.

The greenback was little changed against a weighted basket of six major currencies after climbing 1.8% Wednesday. Gold generally moves in the opposite direction of the US currency.

Investment in the SPDR Gold Trust, the biggest exchange- traded fund backed by bullion, reached a record 802.9 metric tons Wednesday.

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