Soros Fund Management sharply cut its shares in gold in the second quarter, when bullion prices rose to two-year highs, regulatory filings with the U.S. Securities and Exchange Commission showed on Monday.

The fund, which returned to the world's biggest gold exchange-traded fund SPDR Gold Trust in the first quarter of 2016 after a three-year absence, sharply cut his stake in the second quarter.

George Soros Joshua Roberts | Bloomberg | Getty Images

Billionaire financier George Soros' fund reduced its holdings in SPDR Gold Trust to 240,000 shares worth $30.4 million, from 1.05 million shares worth $123.5 million in the first quarter. Soros also drastically cut its stake in Barrick Gold to 1.07 million shares worth $22.9 million, from 19.4 million shares in the first three months of 2016, the filing showed. "Investors have been more proactive cutting holdings in the miners, some of whom have drastically outperformed the underlying in the first half of the year," said Tai Wong, director of base and precious metals trading for BMO Capital Markets in New York. "It may not suggest that they are necessarily bearish gold but rather taking opportune profit."