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Gold Declines in Worst Run Since 2001 as Economic Concerns Ease

Gold futures fell, capping the longest run of quarterly declines since 2001, as banks in Cyprus reopened, easing concern that Europe’s debt crisis will worsen and curbing demand for haven assets.

Cyprus’s banks opened for the first time in almost two weeks. The U.S. economy grew at a faster pace than previously estimated in the fourth quarter, Commerce Department figures showed today. Holdings in exchange-traded funds backed by bullion contracted 6.9 percent this quarter amid speculation that the Federal Reserve will rein in stimulus. Gold prices have fallen 4.8 percent this year.