Bloomberg the Company & Its ProductsBloomberg Anywhere Remote LoginBloomberg Terminal Demo RequestGold Set for First Weekly Loss Since May as Investors Buy Stocks Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Google+ E-mailBloombergCLOSEVIDEOItaly"s Nannicini: Italian Banking System Is SolidAUDIOOdd Lots: The Unbearable Brightness of Being a Shadow BankLive TVSchedules+Shows Businessweek Will a Camera on Every Cop Make Everyone Safer? Taser Thinks SoUpdated 15 hours agoSubscribeMarketsStocksCurrenciesCommoditiesRates + BondsEconomicsMagazineBenchmarkWatchlistEconomic CalendarTechnologyReliance First-Quarter Profit Rises 19% as Margins WidenJul 15, 2016Silicon ValleyGlobal TechVenture CapitalHackingDigital MediaPoliticsHow Would Trump Benefit From Mike Pence as VP?Jul 15, 2016With All Due RespectDelegate TrackerCulture Caucus PodcastMasters In Politics PodcastWhat The Voters Are StreamingEditors" PicksPursuitsAboard Regent Seven Seas Explorer, an Ultra-Luxury Cruise ShipJul 15, 2016Cars & BikesStyle & GroomingSpendWatches & GadgetsFood & DrinksTravelReal EstateArt & DesignOpinionWhy Terrorists Keep Succeeding in FranceJul 15, 2016ViewGadflyBusinessweekThe Anti-Cellphone Tech Used by Dave Chappelle, Louis C.K., and Guns N’ RosesJul 15, 2016SubscribeCover StoriesOpening RemarksEtcFeatures85th Anniversary IssueBehind The CoverIndustriesScience + EnergyGraphicsGame PlanSmall BusinessPersonal FinanceInspire GOBoard Directors ForumSponsored ContentGold Set for First Weekly Loss Since May as Investors Buy Stocks Ranjeetha Pakiam Thomas Biesheuvel tbiesheuvelJuly 15, 2016 — 8:34 AM WIB Updated on July 15, 2016 — 5:52 PM WIBShare on FacebookShare on Twitter Don't Miss Out — Follow Bloomberg OnFacebook Twitter Instagram YouTubeHedge funds likely to have been main gold sellers; Saxo BankGold-fund holdings also set for first weekly decline since MayShare on FacebookShare on TwitterGold headed for the first weekly drop since May as investors turned to risk assets such as stocks, cutting demand for bullion as a haven.The metal fell 2.4 percent this week and holdings in gold-backed funds are also set for the first weekly decline since May. Money has poured into global equities in the past three weeks as speculation grew that policy makers will do more to limit the fallout from the U.K.’s vote to leave the European Union.Bullion, which touched a two-year high on Monday, is still up 26 percent this year on expectations that U.S. interest rates will remain low, making assets that don’t pay interest more attractive. Investors flocked to precious metals as the Brexit vote in June caused immediate turmoil across markets.“Rising stocks and bond yields have both helped trigger a healthy consolidation in gold following the surge in recent weeks,” Ole Hansen, head of commodity strategy at Saxo Bank A/S, said by e-mail. “Hedge funds are likely to be have been the main sellers.”Bullion for immediate delivery lost 0.1 percent to $1,334 an ounce by 11:18 a.m. in London, according to Bloomberg generic pricing. European stocks trimmed gains today following last night’s deadly terror attack in France.Gold HoldingsHoldings in exchange-traded funds backed by gold fell 2.1 metric tons to 2,001 tons as of Thursday, data compiled by Bloomberg show. They’re down 5.3 tons this week.Investors see just a 6 percent probability of a U.S. rate increase this month, according to Fed funds futures contracts. Still, the chances of a move by September have risen to 19 percent, compared with just 2 percent at the start of the month.In other precious metals news:Silver import
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