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Gold, Silver Fall in Asia as Dollar Strengthens for Fifth Day 2008-01-21 - Bloomberg
Jan. 21 (Bloomberg) -- Gold and silver declined in Asia as the dollar gained against the euro for a fifth day, reducing the appeal of precious metals as an alternative investment.
Jan. 21 (Bloomberg) -- Gold and silver declined in Asia as the dollar gained against the euro for a fifth day, reducing the appeal of precious metals as an alternative investment.
Gold may fall as much as 15 percent to around $750 an ounce in the coming months, and then gain to end the year higher, Jim Rogers, chairman of New York-based Rogers Holdings, said Jan. 19 at a metals conference in Shanghai. Gold reached a record $914.30 an ounce Jan. 14.
Bullion for immediate delivery traded $2.93, or 0.3 percent, lower at $880.24 an ounce as of 10:04 a.m. in Singapore. Silver for immediate delivery lost 0.8 percent to $16.03 an ounce.
The dollar was at $1.4555 against the euro from $1.4621 late last week, climbing for a fifth day to mark the longest winning streak since June. The currency was at 106.82 against the yen, from 106.87 in New York Jan. 18.
Over the course of the bull market, the price of gold may exceed $1,500 an ounce, Rogers said, adding that he owned gold.
To contact the reporter for this story: Glenys Sim in Singapore at gsim4@bloomberg.net
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