“Gold gained in New York on signs of a slowdown in investor sales of exchange-traded funds.
Assets fell about 0.5 metric ton to 2,262.148 tons on May 3, the smallest decline since holdings last gained on April 1, according to data compiled by Bloomberg. Prices have climbed the past two weeks on increased coin and jewelry demand.
“We need to see ETF redemptions slow down in order for the next leg higher.” said Xiang Nan, an analyst at Citics Futures Co., a unit of China’s biggest listed brokerage.
Gold for June delivery advanced 0.7 percent to $1,47.40 an ounce by 7:35 a.m. on Comex in New York. Prices slumped 13 percent over two days last month, the most in three decades.
Warren Buffett, chairman and chief executive officer of Berkshire Hathaway Inc., said he wouldn’t buy gold after the slump….”
If you enjoy the content at iBankCoin, please follow us on Twitter
