Gold Reaches Lowest Since 2010 as Traders Shrug Off China Hoard
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For six years, investors have been guessing how much gold China owns. On Friday, they found out and the results were underwhelming.
China said it boosted bullion assets to about 1,658 metric tons, less than brokers at GoldCore Ltd. and Sharps Pixley Ltd. expected. Futures dropped to the lowest since 2010 on Friday as signs of improving U.S. economic growth further diminished the metal’s appeal as a haven.