Hedge funds stepping back from gold

New York

HEDGE funds decided to take a breather from gold just before Janet Yellen gave investors more reason to ditch the precious metal. After a roaring start to the year, the excitement over bullion has dissipated this month on increasing expectations that the Federal Reserve is getting ready to raise US interest rates again as the economy improves.

Last week, money managers who have been bullish since January reduced their wagers on a price rally by the most this year.