Gold, may fall as the dollar extends gains against the euro, eroding demand for the metal as an alternative investment. European Union Monetary Affairs Commissioner Olli Rehnsaid Greece must deepen measures to reduce its budget deficit after meeting with Greek Finance Minister George Papaconstantinou. Concern about Greece's debts boosted the dollar last month. Gold typically moves inversely to the dollar. Also, more than two-thirds of silver production is mined as a by-product of industrial metals, according to Deutsche Bank AG. 'There is a good correlation between silver and copper,' said Fertig. 'If there's negative output for copper it affects silver.' Gold is trading at $1,118 as of 20:54pm, GMT, with a bearish trend. Gold's Pool-Position is 38% Long, meaning that most Finotec clients are selling the precious metal.

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