Gold Prices Plummet as Fund Managers Duck Out
NEW YORK (TheStreet) -- Gold prices fell Friday for the fourth day in the trading week after prominent hedge fund managers revealed their reduced holdings in the yellow metal.
Gold for April delivery sank $26 to settle at $1,609.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price traded as high as $1,636 and as low as $1,596.70, while the spot price was plunging $28.20, according to Kitco's gold index.
Gold prices during Friday's session were touching their lowest levels since a close at $1,590.70 an ounce on Aug. 2, when the precious metal continued to flounder from a lack of central bank action on monetary easing.
George Soros pared his holdings in Gold ETF SPDR Gold Trust (GLD) in the fourth quarter to 600,000 shares, from a previous 1.32 million shares, according to a filing with the Securities and Exchange Commission. Prices struggled in the fourth quarter to sustain a boost past $1,750 an ounce after the Federal Reserve announced in early September its unprecedented open-ended mortgage-backed securities purchasing plan.
John Paulson of Paulson & Co. maintained his position in the commodity.