Gold dropped to the lowest in almost a month in New York as filings showed that George Soros and Blackrock Inc. cut holdings of bullion-backed exchange-traded products, adding to signs that investment demand is waning as U.S. equities rally to records. Silver slid.

Soros Fund Management LLC lowered its investment in the SPDR Gold Trust, the biggest gold-backed ETP, in the three months to March 31, a filing showed. Gold demand sank 13 percent to 963 metric tons in the first quarter as ETP sales outweighed buying from China and India, the World Gold Council said.

“Many people accumulated gold in the aftermath of the financial crisis in 2008 and with investors expecting economic improvement going forward, holdings in ETFs have more room to fall,” said Yang Xuejie, an analyst at Galaxy Futures Co., a unit of the brokerage controlled by China’s sovereign wealth fund. “There’s always some physical buying at lower prices, however, that’s not enough to take the market higher.”

Gold for June delivery slid 1.6 percent to $1,373.80 an ounce by 7:11 a.m. on the Comex in New York, and earlier today reached $1,368, the lowest price for a most-active contract since April 18. Prices fell for a sixth day in the worst run since December 2011. Futures trading volumes were 70 percent higher than the average for the past 100 days for this time of day, according to data compiled by Bloomberg. Bullion for immediate delivery fell 1.2 percent to $1,375.71 in London.

Gold has dropped 18 percent this year, tumbling into a bear market last month, as some investors lost faith in the metal as a store of value. The dollar has rallied 5.2 percent against a six-currency basket, while the Standard & Poor’s 500 Index reached a record yesterday.

SPDR Holdings

Holdings in the SPDR Gold Trust fell to 1,047.13 metric tons yesterday, the least since March 2009, according to data on the company’s website. They have shrunk 303.7 tons this year. Soros Fund Management lowered its investment 12 percent to 530,900 shares as of March 31, the filing showed. That followed a 55 percent cut in the fourth quarter of last year.

Paulson & Co., the largest investor in SPDR, maintained its stake, while funds run by Northern Trust and Blackrock showed reductions. Schroder Investment Management Group and Farallon Capital Management LLC bought shares. Total holdings in bullion ETPs are down 16 percent this year, according to data compiled by Bloomberg.

Silver for July delivery dropped 1.7 percent to $22.275 an ounce, retreating for a third day, and earlier today reached $22.06, the lowest for a most-active contract since April 16. Platinum for delivery in July fell 1.2 percent to $1,472.90 an ounce, dropping for a second day. Palladium for June delivery fell 0.8 percent to $723.15 an ounce.