One of the year’s best-performing commodities just had its worst August in a long time. Gold futures fell this month for the first August decline since 2009, and demand for bullion through exchange-traded products slowed as Federal Reserve officials signaled they may be moving closer to raising U.S. interest rates this year. Purchases of gold-backed ETPs fell to the lowest since April, when there were outflows, as the prospect of tighter monetary policy curbs the appeal of the metal because it doesn’t pay interest.
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