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Yellen Fails to Entice Gold Bugs as ETPs Lose $1.5 Billion

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Janet Yellen’s signal that she’s not in a hurry to raise U.S. interest rates failed to persuade investors to come back to gold.

Instead, they pulled out $1.5 billion from U.S. exchange-traded products backed by precious metals last month, the most since December 2013, data compiled by Bloomberg show. While Yellen did spark a gold rally in mid-March, the gains fizzled and prices ended the quarter with a third straight decline. Palladium is nearing a bear market, while platinum posted a second monthly drop.