GN: GOLD EXTENDS FALL IN ASIA ON DOLLAR RALLY, EQUITY DECLINE
Gold continues to decline in Asia and headed for its 2nd weekly fall as the rising dollar and a slump in equities curbed investor demand for the yellow metal.
Deutsche Bank AG analysts, led by Michael Lewis, said:
The decline in the gold price is not only linked to a further strengthening in the U.S. dollar but also evidence that physical buying of gold via ETFs is beginning to fade.. Given the ongoing appreciation in the U.S. dollar, we estimate fair value for gold to be between $600-$620 an ounce.
