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Gold Heads for Longest Slump in Five Weeks on ETP Decline

Gold futures fell, capping the longest slump in five weeks, as holdings in exchange-traded products backed by the metal extended a decline to the lowest since July 2011.

As of May 10, assets in ETPs dropped 0.6 percent to 2,228 metric tons, according to data compiled by Bloomberg. Last month, gold futures tumbled into a bear market, and a record $17.9 billion was erased from the value of the funds.