Gold advanced in New York and London, trimming a second monthly decline, as lower prices lured buyers of the physical metal amid an extended drop in holdings in exchange-traded products. Silver also gained.
The U.S. Mint is on pace to sell 62,100 ounces of gold coins in May, 17 percent more than a year earlier, according to data released yesterday. The agency resumed taking orders for its one-tenth ounce gold coin yesterday, said Michael White, a mint spokesman. Sales were suspended in April while demand surged after prices tumbled. Gold has slumped 17 percent this year in London as investors slashed holdings in exchange traded funds amid speculation the U.S. Federal Reserve would taper asset purchases that helped bullion cap a 12-year bull run in 2012.
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