This year’s gold rally is showing signs of fatigue. Asset manager Cohen & Steers Capital Management has pared its allocation to bullion, while hedge funds cut their net-long positions in gold futures and options at the fastest pace since May on concern that a surprise interest-rate increase by the Federal Reserve this week could trigger a sell-off. Even disappointing U.S. economic data failed to give a boost, as losses last week wiped out the metal’s third-quarter gains.
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