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Tuesday, August 18, 2009

Gold Declines for a Second Day as Dollar’s Advance Saps Demand

Aug. 17 (Bloomberg) -- Gold declined for a second day as the dollar advanced against the euro, eroding demand for the metal as an alternative investment, and commodities dropped.

Bullion slumped as much as 0.6 percent as the Dollar Index, which measures the greenback against six major currencies, advanced for a second day. The MSCI Asia Pacific index of regional shares slumped after Japan’s economy grew less than expected and U.S. consumer confidence unexpectedly fell. Oil for September delivery was at $66.98 a barrel, near a two-week low.

“Gold weakened as a mixed batch of indicators shook investor confidence about the economic recovery,” said Charles Lee, a trader with Eugene Investment & Futures Co. in Seoul. “A correction in stocks helped bolster sentiment for the dollar.”

Gold for immediate delivery fell 0.5 percent to $943.52 an ounce at 9:22 a.m. in Singapore. The metal is up 7 percent this year. The euro dropped to $1.4145 from $1.4203 in New York on Aug. 14.

Thirteen of 27 traders, investors and analysts surveyed by Bloomberg News, or 48 percent, said bullion would gain this week. Six forecast lower prices and eight were neutral.

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