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Bullish Gold Wagers Swell As Funds Climb Aboard Record Price Run

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.

Yvonne Yue Li
Gold casting grain in the foundry at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Monday, July 12, 2021. Gold headed for its second decline in three sessions as strength in the dollar and equities diminished demand for the metal as an alternative asset. Photographer: Andrey Rudakov/Bloomberg

(Bloomberg) -- 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.

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