Gold prices tumbled below $1,600 a troy ounce for the first time in six months as investors turned to other assets amid hopes of an economic recovery.
High-profile funds, including Soros Fund Management and Moore Capital, sold down their holdings of gold exchange traded funds in the last quarter of 2012, regulatory filings revealed late on Thursday, adding to negative sentiment towards the precious metal.
The shift in attitude towards gold comes as signs of recovering growth in the global economy – and in particular in the US – have drawn investors to other assets such as equities and sapped gold’s haven appeal.
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