Sorry, gold bugs. The world’s biggest money manager appears to have run out of love for the precious metal.

“Fourteen months ago, we had a fairly significant position in gold. Today, we’ve reduced it to almost zero,” Russ Koesterich, the manager of BlackRock’s Global Allocation Fund.

Gold investors have this year battled against a stronger dollar DXY, +0.04% , which can make assets priced in the currency, such as gold, more expensive to overseas investors. Also working against gold, has been strengthening eco...