July 31 (Bloomberg) -- Gold may decline, heading for the “summer doldrum lows” in the Northern Hemisphere, after investors sold more metal, a survey showed. Thirteen of 22 traders, investors and analysts surveyed by Bloomberg News, or 59 percent, said bullion would fall next week. Six forecast higher prices and three were neutral. Gold futures for delivery in December fell 2 percent this week, to $937 an ounce, by 12:13 p.m. yesterday in New York. Investment in the SPDR Gold Trust, the biggest exchange- traded fund holding gold, declined 1.3 percent this week through July 29. Sales of 10.38 metric tons on July 29 reduced total holdings to 1,072.87 tons, the lowest since March 17, according to figures on the company’s Web site. “Gold’s trend looks to be down again,” Mark O’Byrne, executive director of Goldcore Ltd. in Dublin, said by e-mail. Gold is “likely to see the summer doldrum lows in the next two weeks,” and may decline to as low as $864, followed by a rebound, he said. “Buying gold during the summer doldrums has been a winning trade for most of the last 34 years and especially in the last seven years,” according to O’Byrne. The weekly gold survey has forecast prices accurately in 157 of 272 weeks, or 58 percent of the time. This week’s survey results: Bullish: 6 Bearish: 13 Neutral: 3 To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net

Source