Paulson & Co cuts gold holdings in second quarter
NEW YORK Aug 14 (Reuters) - Paulson & Co more than halved its stake in the world's biggest gold-backed exchange-traded fund, SPDR Gold Trust, in the second quarter as bullion prices fell.
The prominent U.S. hedge fund, led by long-time gold bull John Paulson, owned 10.2 million shares in the ETF on June 30, compared to 21.8 million shares on March 31, a filing with the U.S. Securities and Exchange Commission showed on Wednesday.
The price of gold fell 23 percent during the second quarter, highlighted by a record two-day $225 drop on April 12 and April 15, as a better overall global economic outlook hit gold's appeal as a hedge.
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