Investors Pull Most Money Out of SPDR Gold in Eight Months
- U.S. data increases prospects for Fed rate hike this year
- Citigroup’s U.S. Economic Surprise Index at 18-month high
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An improving economic outlook in the U.S. is sapping demand for exchange-traded funds backed by gold.
Investors pulled $793 million last week out of SPDR Gold Shares, the most since November, according to data compiled by Bloomberg. Holdings in gold-backed ETFs around the world slipped 3.9 metric tons last week, the most April 22, data show. Bets that the Federal Reserve may raise interest rates by December climbed after reports on Friday showing gains in U.S. retail sales and consumer prices last month.