Gold, little changed in London, may decline as a rebound in the dollar curbs demand for the metal as an alternative investment.

Oil prices edged down toward US$77 a barrel on Friday after a drop in many stock markets and amid concern about the strength of the global economic recovery.

The dollar rallied on Friday as investors shunned assets viewed as risky, such as the euro, amid fresh concerns about the strength of global economic recovery, analysts said.

Stocks are falling in early morning trading following the lead of overseas markets and as the dollar strengthened.

The next meeting of the Group of Seven finance ministers and central bankers will be held in the remote Canadian Arctic town of Iqaluit in February.

The Organization for Economic Cooperation and Development doubled its growth forecast for the leading developed economies next year and predicted a further acceleration in 2011 as China and other emerging countries power a global recovery.

The U.S., China and other major economies may more than double stimulus spending on clean energy next year after holding back most of the money promised for projects, an analyst said.

Gold fell for the first time in five days in London as a stronger dollar curbed the metal's appeal as an alternative investment, spurring sales of bullion after its rally to a record.

The European single currency dropped under 1.49 dollars on Thursday as disappointing U.S. economic data prompted renewed caution among investors, reducing demand for risky assets, analysts said.

Crude oil fell for the first time in four days as the dollar gained against the euro, dulling the appeal of commodities as a currency hedge.