Hedge funds slash bullish wagers on gold over Trump election win
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks.
China’s gold consumption rose more than 16% year-on-year to 554.88 metric tons in the first half of the year, while output climbed 2.24% to 178.598 metric tons, a report by China Gold Association showed on Tuesday.
The consumption of gold jewellery in the world’s largest consumer of the precious metal increased nearly 15% to 368.26 metric tons in the first half, the report said.
The consumption figure excludes reserve purchases by the People’s Bank of China.
“The economy and society have fully resumed normal operation, the national economy has rebounded, and the national gold consumption has generally shown a rapid recovery trend,” the association said in the report.
The production of gold enterprises has returned to normal in the first half year of 2023, the association said in a comment in a state media report published on Tuesday, adding that large enterprises were actively promoting mergers and acquisitions, which will further concentrate on high-quality gold resources.
(By Ningwei Qin, Judy Hua and Dominique Patton; Editing by Muralikumar Anantharaman, Dhanya Ann Thoppil and Eileen Soreng)
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