After consecutive years of higher gold prices, traders have finally begun letting go of the precious metal, with gold exchange traded funds experiencing their sixth straight month of outflows.

The SPDR Gold Trust (NYSEArca: GLD), the largest gold-related ETF, lost $2.9 billion in assets over May, according to IndexUniverse. Meanwhile, the ETFS Physical Swiss Gold (NYSEArca: SGOL) shrunk by $89.4 million and the iShares Gold Trust (NYSEArca: IAU) saw $371.5 million in outflows. [Gold Caught in Tug-of-War Between ETF Selling, Coin Purchases]

Overall, gold exchange traded products saw $5.7 billion in outflows last month, bringing year-to-date redemptions to $23.9 billion, according to BlackRock research note. Total gold ETP assets now sit at $96.2 billion, or 31.9% lower from the $141.2 billion at the end of 2012.

BlackRock analysts attribute the rapidly declining interest in gold to the growing speculation that the Federal Reserve’s monetary easing policies could end in the near term as the economy improves, which would force up interest rates. Consequently, a stronger U.S. dollar, greater demand for equities and shift away from traditional “safe haven” assets.

Gold futures were trading around $1,397 per ounce Tuesday.

Gold prices dipped below $1,400 Tuesday on concerns that India, the largest consumer of gold, would restrict imports, reports Lara Denina for Reuters.

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