By Pham-Duy Nguyen
Nov. 3 (Bloomberg) -- Gold may fall for a fourth straight week on speculation the dollar will gain, eroding the appeal of the precious metal as an alternative investment.
Nine of 26 traders, investors and analysts surveyed from Mumbai to Chicago on Oct. 30 and Oct. 31 advised selling gold, which fell 1.7 percent last week to $718.20 an ounce in New York. Eight said to buy, and nine were neutral.
In October, gold plunged 18 percent, the most since March 1980, as the dollar rose 7.8 percent against a weighted basket of six major currencies. Gold is priced in dollars and often moves inversely to the currency.
Most analysts surveyed on Oct. 23 and Oct. 24 anticipated gold's decline last week. The survey has forecast prices accurately in 140 of 235 weeks, or 60 percent of the time.
Last week's survey results: Bullish: 8 Bearish: 9 Neutral: 9
To contact the reporter on this story: Pham-Duy Nguyen in Seattle at pnguyen@bloomberg.net.
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