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MARKET TALK: Spot Gold Dn Despite USD Fall; Further Losses

Tuesday, May 15, 2007
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Spot gold falls overnight; weaker oil, base metals outweigh USD decline, says HSBC analyst James Steel. Gold's failure to capitalize on weaker USD points to further weakness, Steel says. South Africa's falling gold output appears to be stabilizing, says South Africa Chamber of Mines economist Roger Baxter. "If the South African industry can stabilize or considerably reduce the rate of decline as Mr. Baxter suggests, world gold output has a chance of increasing, in our view," says Steel. Spot gold trades at $669.15/oz, up 65 cents vs late trade in N.Y.

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