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Dec

01

Gold Slides to 10-Month Low as Fund Selling Binge Haunts Market

By Tony Seruga

Holdings in bullion-backed funds decline for 14th day in a row
Report Thursday shows U.S. manufacturing expanded in November

Gold sank to the lowest in almost 10 months and funds backed by the metal continued to shrink as a strengthening U.S. economy drives investors into higher-yielding assets.

Assets in exchange-traded funds backed by bullion declined for a 14th day, the longest run since March 2015, amid speculation the Federal Reserve will raise U.S. interest rates at least twice in the next year. Traders are optimistic about the economic outlook as a report Thursday showed U.S. manufacturing expanded in November at the fastest pace in five months, and data Friday is forecast to show payrolls increased by 180,000 in November…

Gold Slides to 10-Month Low as Fund Selling Binge Haunts Market

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