Gold Posts Longest Slump in 13 Months; Silver Tumbles
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Gold fell, capping the longest slump since December 2011, as economic concerns eased in the U.S., eroding demand for the metal as an investment hedge. Silver tumbled to a six-month low.
U.S. housing-starts data today signaled that construction may add to an economic rebound this year. The Standard & Poor’s 500 Index of equities has gained 6.9 percent this year, while gold has dropped 5.8 percent. Billionaire investor George Soros cuts his stake in exchange-traded products backed by the metal, government filings showed last week. Bullion extended declines after minutes from a Federal Reserve policy meeting showed some officials said the central bank should vary its asset purchases.