Gold May Fall as Investors Sell to Raise Cash Amid Equity Loss

By Pham-Duy Nguyen

Nov. 24 (Bloomberg) -- Gold may fall for the first week in four on speculation that the 10 percent price gain in November will spur investors to sell the metal to raise funds and cover losses in other markets, including equities.

Eighteen of 40 traders, investors and analysts surveyed from Mumbai to Chicago on Nov. 20 and Nov. 21 advised selling gold, which rose 6.6 percent last week to $791.80 an ounce in New York. Seventeen said to buy, and five were neutral.

Last week's gain was the biggest since Sept. 19 and the metal is headed for the largest monthly rise since January. Gold plunged 18 percent in October when the Standard & Poor's 500 Index lost 17 percent. The S&P is down 23 percent this month.

Most analysts surveyed on Nov. 13 and Nov. 14 anticipated gold's gains last week. The survey has forecast prices accurately in 142 of 238 weeks, or 60 percent of the time.

Last week's survey results: Bullish: 17 Bearish: 18 Neutral: 5

To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.