(Bloomberg) -- Gold futures fell the most in almost two weeks in New York on speculation that higher prices will reduce demand from jewelers, the biggest users of the metal. Silver also declined.
Jewelry demand, which accounts for about 70 percent of gold purchases, dropped 17 percent last year as gold climbed to a 26-year high of $732 an ounce, according to London-based researcher GFMS Ltd. Purchases from India, the biggest buyer, may slow after gold climbed to an 11-month high of $698 on April 20, analysts say. Gold has still risen 7.1 percent this year.
Read more at Bloomberg Commodities News
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