Spooked Gold Bull Cohen Trims Holdings as Yields Rise
- Cohen & Steers pares gold holdings ahead of Fed rate decision
- Investors pulled $698 million from SPDR Gold in past week
Two hundred and fifty gram gold bars sit stacked in this arranged photograph at Solar Capital Gold Zrt. in Budapest, Hungary, on Thursday, March 10, 2016. Gold advanced to the highest level in a year after the European Central Bank indicated it wouldn't cut interest rates further, boosting the euro and making dollar-denominated bullion less expensive for investors.
Photographer: Akos Stiller/BloombergThe Federal Reserve is giving some gold investors a case of the jitters.
Cohen & Steers Capital Management, which oversees $61 billion in assets, was overweight on gold until last week, when comments from some Federal Reserve officials boosted speculation that the central bank will tighten monetary policy as soon as this month. With the interest-rate decision due next week, the asset manager opted to play it safe, paring its gold allocation.