Pursuits
Gold Tumbles Out of Favor as Equities, Dollar Spur Cuts to ETPs
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Gold is out of favor. Investors cut holdings in bullion-backed exchange-traded products to the lowest since 2009 as surging stock markets in the U.S. and China hurt demand and prospects for rising U.S. interest rates boosted the dollar.
The assets contracted 5.4 metric tons, or 0.3 percent, to 1,594.1 tons as of Tuesday, according to data compiled by Bloomberg. The hoard slumped 39 percent since reaching a record 2,632.5 tons in December 2012.