“Gold is seen dropping for the first time in six days in London on concern that physical purchases of the metal are slowing. Palladium fell from a five-week high.
The U.S. Mint sold 20,000 ounces of American Eagle gold coins in April, the least since June 2008, data on its website show. India last week celebrated the Akshaya Tritiya festival, considered an auspicious day to buy precious metals, and there was “disappointing demand,” UBS AG said yesterday.
“Physical demand has been relatively quiet,” Bernard Sin, head of currency and metal trading at bullion refiner MKS Finance SA in Geneva, said by phone today. “There is a real lack of interest in the market. We’ve seen profit-taking and gold will continue to struggle” to move out of the $1,640 to $1,670 an ounce range, he said…”
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