Live: Money managers’ bets on a rise in the price of gold have risen to their highest levels in more than 4 years, with gold recording continued gains after the first interest rate cut by the Federal Reserve the US from 2020.
Recently released weekly US government data showed that hedge funds and other large speculators increased their net buying position by 0.9% to 254,841 contracts as of September 24, reaching their highest levels since March. 2020, according to Bloomberg.
Gold prices declined in global markets at the close of trading yesterday, Friday, with losses exceeding $26, but achieved weekly gains for the third time in a row.
The price of gold futures for delivery in December fell 1%, with a loss of $26.8 to the level of $2668 per ounce, but achieved weekly gains for the third time in a row by 0.8%.
Spot gold fell by about $23, or 0.8%, to $2,649 an ounce in late trade.
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