Gold Falls in London After Price Rally Deters Jewelry Buyers
April 4 (Bloomberg)
Gold declined in London after prices for the precious metal, which yesterday touched a 25-year high, deterred jewelry buyers.
Customers in India, the world’s largest gold jewelry market, and in the Middle East have curbed purchases because of gold’s rally, London-based consultant Virtual Metals said yesterday in a report. Demand will lag behind production by 422 metric tons in 2006, compared with a production shortfall last year of 310 tons, Virtual Metals said.
“At these prices, there is no physical demand in Europe or elsewhere,” said Wolfgang Wrzesniok-Rossbach, head of sales and marketing at precious-metals company Heraeus Metallhandels GmbH, in Hanau, Germany. Read more about Gold Falls in London After Price Rally Deters Jewelry Buyers …