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Jeffrey Currie of Goldmans Sachns says the worst isn’t over yet for gold after prices for the metal erased almost all of this year’s gain.

Gold fell to an eight-month low this week after the US Federal Reserve raised its outlook for interest rates, crimping demand for an inflation hedge. Money managers cut bullish holdings for five weeks, while holdings through global exchange-traded funds slumped to the lowest since 2009.

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