Wealth managers sell down gold as US edges towards recovery

Demand for ‘safe havens' starts to decline as outlook for developed economies improves.

Asset allocators have begun reducing their gold exposure for the first time in several years as the macro risks driving the gold price higher begin to stabilise. In the past decade, demand for gold has soared as investors sought refuge from volatile global markets and tried to protect portfolios against inflationary risks. The price of gold rose 30% in 2010, 10% in 2011, and 6% in 2012. Gold is currently around $1,665 an ounce, having reached an all-time high of $1,823 in August 2011. Price predictions Delegates at the London Bullion Market Association conference in November l...