Gold futures in New York declined 3.1 percent last week to $1,336 an ounce, while the Standard & Poor’s GSCI Spot Index of 24 raw materials fell 0.5 percent. The MSCI All-Country World index of equities rose 0.7 percent, while the Bloomberg Dollar Index, a gauge against 10 major trading partners, rose 0.6 percent. The Bloomberg Treasury Bond Index fell 0.5 percent.
The net-bullish position in gold rose 13 percent to 138,429 futures and options in the week ended March 18, the most since November 2012, U.S. Commodity Futures Trading Commission data show. Short holdings fell for a fifth week, the longest streak in three years.
Investor holdings in exchange-traded products backed by bullion posted the first weekly decline in four last week. On March 19, the Fed cut its monthly bond purchases by $10 billion to $55 billion. Yellen said the asset buying could end this fall and benchmark interest rates could rise about six months later. Gold jumped 70 percent from December 2008 to June 2011 as the Fed pumped more than $2 trillion into the financial system and held borrowing costs near zero percent to boost the economy.
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