Gold drops to lowest in six weeks as Soros, Bacon cut holdings

London, Feb 15 (Bloomberg) Gold today fell to the lowest level since January 4 and was set for the biggest weekly loss this year after filings showed investors George Soros and Louis Moore Bacon cut stakes in exchange-traded products in the last quarter. Gold fell 0.3 per cent to USD 1,630.37 an ounce. Prices are 2.2 per cent lower this week, poised for the biggest retreat since the period to December 21. Silver also declined 0.4 per cent to USD 30.26 an ounce. The metal dropped 3.7 per cent this week, the biggest decline since December 21. Soros and Bacon reported lower stakes in ETPs backed by gold in the period, the filings showed. Gold has dropped 2.7 per cent this year on speculation that global growth is set to improve, curbing demand for a protection of wealth. While the Standard and Poor�s 500 Index gained to a five-year high yesterday, traders are the most bearish on gold in more than a year. Group of 20 finance ministers and central bankers begin talks in Moscow today seeking to find common ground on currencies. The euro slid as much as 0.4 per cent against the US dollar to the lowest level since January 24. (Bloomberg) RS SUN KPS STS YB 02151851 NNNN