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Hedge funds deepen bets against gold in second quarter

Reuters – Hedge funds further abandoned gold in the second quarter of this year, lightening holdings of the world’s biggest gold exchange-traded fund SPDR Gold Trust as spot prices plummeted.

JP Morgan Chase & Co cut its investment in the SPDR Gold Trust fund by 1.6 million shares to 8.6 million, valued at $1.1 billion, as of 30 June, compared with three months earlier, data on the Nasdaq website shows.

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