Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
Hedge funds and money managers boosted bullish bets on gold to the highest in four years as prices of the precious metal reached a series of peaks.
Their net-long positions in US bullion futures and options surged 13% in the week ended April 2 to the highest since 2020, according to Commodity Futures Trading Commission data released Friday.
Bets on the Federal Reserve’s pivot to easing has kept bullion mostly above $2,000 for months, setting the stage for the recent record run marked by outsized moves.
(By Yvonne Yue Li)
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