Gold Futures Post Longest Slump Since December 2011
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Gold futures fell, capping the longest slump in 16 months, as U.S. filings showed that George Soros and BlackRock Inc. cut stakes in exchange-traded products backed by the metal, signaling waning investment demand.
Soros Fund Management LLC lowered its holding in the SPDR Gold Trust, the biggest such fund, by 12 percent as of March 31 from the previous quarter, data showed yesterday. The World Gold Council said today that demand dropped 13 percent in the first quarter from a year earlier as ETP sales outweighed a surge in purchases of coins, bars and jewelry in China and India.