1
February
Gold Heads for Second Monthly Drop as Dollar's Gain Cuts Demand (GC in Bloomberg)
1 February 2010 Bloomberg.com
Gold fell, capping a second straight monthly decline, as a stronger dollar curbed the metal’s appeal as an alternative investment.
The dollar climbed to a six-month high against the euro after a report showed the U.S. economy last quarter expanded at the fastest pace in six years. The metal is down 1.1 percent in January as the dollar has rallied 2 percent against a basket of six major currencies.
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“In the run-up to Chinese New Year, any selloff will be regarded as a buying opportunity for those with a longer-term outlook,” GoldCore Ltd., a brokerage in Dublin, said in a report. China’s weeklong Lunar New Year holidays start Feb. 14.
http://www.bloomberg.com/apps/news?pid=20601091&sid=aRDDTPVJBUb4
