Commodity investments fell $27 billion in April, the most in 11 months, on record sales of gold exchange-traded products, Barclays Plc said.
Gold climbed to the highest price since December on signals that sovereign-debt risk may erode the value of currencies, boosting demand for the precious metal as an alternative asset.
Gold prices fell, capping the biggest weekly loss in five months, as some investors sold to cover losses in other markets by selling bullion.
The two most-accurate gold forecasters are holding to their bearish forecasts for 2014 even after the metal posted its best start to a year since 1983.
Commodity assets under management fell to a 32-month low in June as investors pulled more money from gold-backed exchange-traded products, Barclays Plc said.
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