Paulson holds stake in gold steady in third-quarter

NEW YORK (Reuters) – Paulson & Co left its stake in gold investments unchanged in the third quarter, as concerns about North Korea’s nuclear weapons program helped lift bullion prices to a 13-month high, a U.S. Securities and Exchange Commission filing showed on Tuesday.

Soros Fund Management LLC stayed out of gold for the fourth straight quarter.

New York-based Paulson & Co, led by longtime gold bull John Paulson, kept its stake in SPDR Gold Trust at 4.36 million shares with a value of $530 million at the end of September, up from a value of $514.5 million in the second quarter, the 13F filing showed.

SPDR Gold Trust is the world’s biggest gold exchange-traded fund.

Paulson also left stakes unchanged in AngloGold Ashanti Ltd and NovaGold Resources Inc, though their value declined versus the end of the second quarter. Stakes in IAMGOLD Corp, RandGold Resources Ltd, and Seabridge Gold Inc were also unchanged but their value rose.

Spot gold prices rose 10 percent in September, from the end of the second quarter, to a 13-month high at $1,357.54 an ounce, on safe-haven buying due to rising tensions on the Korean peninsula and concerns Pyongyang might launch more missiles after conducting nuclear tests.

Weak U.S. economic data also briefly lowered expectations for an interest rate hike in December.

Bullion prices later pared gains to close the third quarter up 3 percent as expectations for the U.S. Federal Reserve to hike rates returned.

CI Investments Inc sharply increased its holdings in SPDR Gold Trust to nearly 1.45 million shares worth $176.2 million in the three-month period ended Sept. 30, up more than five times from its 267,329 shares at the end of the second quarter, filings showed last week.

Reporting by Marcy Nicholson; Editing by Matthew Lewis and Tom Brown

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