Hedge funds’ bullish bets on gold jump to four-year high
Money managers’ wagers in gold jumped to the highest level in four years, signaling investor concerns surrounding the US presidential election campaign as well as renewed focus on the timing of Federal Reserve interest-rate cuts.
Hedge funds and other large speculators boosted their net-long position in gold, often used as a hedge against rising political and economic uncertainty, to the highest in more than four years as of July 16, weekly US government data published Friday showed.
Bullion hit an all-time high of $2,483.73 an ounce on Wednesday. The surge to a new record came as traders ramped up bets on earlier, deeper monetary easing from the US central bank and sought haven in the precious metal amid growing geopolitical risks.
(By Yvonne Yue Li)
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