SINGAPORE (July 17): At US$1,217.12 an ounce on July 11, the price of gold is 6% below its year-todate high of US$1,294.39 an ounce. Anticipation of higher interest rates may have been behind the recent selldown, as some investors moved out of gold and into higher-yielding US Treasury bonds. And as investors’ appetites for risk improve, money is flowing out of safe-haven assets and into riskier ones.

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