Hedge funds grew less bullish on gold for a fourth straight week, the longest stretch since November 2012, as mounting concern that the Federal Reserve will curb monetary stimulus sent prices to a four-month low.
Hedge funds cut bullish gold bets, adding the most short contracts in four weeks, as U.S. economic growth fuels speculation the Federal Reserve will trim stimulus. Holdings across commodities dropped the most since April.
Gold sales from Australia’s Perth Mint, which refines most of the bullion from the second-largest producer, rose in October as a drop in prices to a three-month low spurred demand and the mint filled a backlog of orders.
Sales of American Eagle gold coins by the U.S. Mint this year have surpassed the total for all of 2012 as the futures market, which tumbled into a bear market in April, heads for the first annual decline since 2000.