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After two months of treading water, gold prices are starting to sink.

Futures in New York reached a 15-week low today after investors sent U.S. equities to a record high. Assets in global exchange-traded funds backed by bullion are near the smallest since 2009, and money managers have cut their bets on a rally by a third since this year’s peak in March.

Gold’s slump is erasing gains from earlier this year, when increased tension between Ukraine and Russia and a winter slowdown for U.S. economic growth sent prices to their biggest first-quarter gain since 2008.

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