Gold Declines as Dollar’s Gains Curb Demand; Paulson Cuts Bet
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Gold declined for a second day in New York as a stronger dollar curbed demand for the metal as an alternative asset. Billionaire investor John Paulson cut his holdings by 36 percent in the SPDR Gold Trust last quarter.
The euro fell versus the dollar for a second day after Italy’s borrowing costs surged to the highest level since 1997 at a note auction and Mario Monti, the nation’s premier-in-waiting, faced resistance to forming a Cabinet. While Paulson and Eric Mindich sold shares in the SPDR exchange-traded product as prices rallied to a record, investors George Soros and Paul Touradji bought shares, according to Securities and Exchange Commission filings.