Are global events presenting lower acquisition opportunities for gold?
*Bloomberg, by Debarati Roy & Nicholas Larkin, April 30, 2012
”Gold dropped the most in two weeks on concern that demand in India, the world’s biggest buyer, is slowing and after a report showed Spain’s economy entered its second recession since 2009.
The Akshaya Tritiya festival, considered an auspicious day to buy precious metals, was celebrated in India last week, and there was ‘disappointing demand,’ UBS AG said today in a report. The dollar gained against the euro after a government report showed that Spain’s economy shrank last quarter, adding to concerns that Europe’s debt crisis is worsening.
‘Physical demand is India is a problem,’ Lance Roberts, the chief executive officer of Streettalk Advisors LLC in Houston, said in a telephone interview. ‘Investors are leaning towards cash today because of what is happening in Europe.’
Gold futures for June delivery fell 0.7 percent to $1,652.70 an ounce at 9:13 a.m. on the Comex in New York. A close at that level would be the biggest loss since April 13.”
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