Investors who have helped pushed gold prices up to record highs are now turning their backs on the precious metal, with figures this week showing heavy selling by gold ETFs.
SPDR Gold Shares ETF, the world's largest bullion-backed fund, sold 25.4 tonnes of the metal between Monday and Thursday, according to the Financial Times. Since the start of December, the ETF's gold holdings have fallen by 44 tonnes - roughly 20% of monthly global mine production of the metal. In total it has sold about 3% of its physical gold holding, and currently has around 1,282 tonnes remaining. The sell-off comes after a sharp fall in the gold spot price, which has tumbled from $1,920 back in September, to today's price of $1,645. The 15% decline has been caused by a rene...
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