Investors pulled money from the largest gold ETF in the second quarter as the precious metal fund ended the period with a loss on a resurgent U.S. dollar.
Bullion holdings in SPDR Gold Shares (NYSEArca: GLD) were on track for a decline of 5 metric tons for the three months ended June 30, according to a Reuters report. It was the first quarterly outflow in a year.
GLD holds about 60% of all physical gold in bullion-backed products and saw a 32-ton inflow in the first quarter, according to the story. [Gold ETFs and the Eurozone Debt Crisis]
The gold ETF lost 4.3% in the second quarter, according to investment researcher Morningstar. The precious metal has been hurt by a rising dollar and disappointment the Federal Reserve didn’t announce additional easing. [What Will Drive the Next Leg of the Gold ETF Bull Market?]
Gold suffered its largest quarterly drop in almost four years, Reuters reported.