Stronger US Economy May Weigh On Gold Price

Gold may decline for a third day as signs that the US economy is strengthening and the possibility Ireland may have to accept a European Union bailout boosted the dollar. Silver climbed after a two-day slump spurred buying.

Immediate-delivery gold was little changed at $US1359.19 an ounce after dropping as much as 0.3 per cent. The precious metal reached a record $US1424.60 on Nov. 9. Spot silver advanced as much as 1.4 per cent to $US25.8225 an ounce.

The dollar climbed as much as 0.2 per cent today against a basket of six major counterparts after gaining 0.6 per cent yesterday as an increase in Treasury yields boosted demand for US assets. Gold, which usually moves inversely to the greenback, has gained 24 per cent this year.

Gold for December delivery lost 0.7 per cent to $US1359 an ounce on the Comex in New York.

Silver for immediate delivery gained 0.8 per cent to $US25.6712 an ounce after losing 8 per cent in the past two days.

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