Funds Are Most Bullish on Gold in Four Years as Prices Hit Record
Fri May 24 2024
Money managers became the most bullish on gold in more than four years as prices surged to a fresh record earlier this week. Hedge funds and other large speculators boosted their net-long position in Comex futures and options by 21,030 contracts in the week through May 21, according to US government data. That’s the highest since mid-April 2020.
Investors have been cashing in after Monday’s record, with the precious metal heading for its worst week this year. Still bullion is up 13% this year on the back of central-bank purchases, robust demand in Asia and conflicts in Ukraine and the Middle East that underscore its haven status.
Source: https://www.bnnbloomberg.ca