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Investors Cut Gold-Fund Holdings to Four-Month Low on Fed Bets

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Investors sold gold through bullion-backed funds, cutting holdings to a four-month low, on speculation that the Federal Reserve is getting closer to raising interest rates. Futures advanced in New York.

Assets in exchange-traded products backed by the metal dropped 2.4 metric tons to 1,599.5 tons as of Monday, according to data compiled by Bloomberg. Holdings slipped 4.8 percent since late February and are at the lowest since Jan. 14.