Bullish gold wagers swell as funds climb aboard record price run

Bloomberg News | April 5, 2024 | 5:19 pm Markets Gold

revised government data showed the economy expanded at a 3.3% annualized pace in Q2

Stock image.

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.