Hedge funds cut bullish gold wagers to lowest in 15 weeks
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Money managers slashed their bullish wagers on gold to the lowest since October as the precious metal suffered its biggest price plunge in more than a decade last week.
Hedge funds and other large speculators reduced net-long positions by 23% to 93,438 contracts for the week ended Feb. 3. The level was the lowest in 15 weeks, US government data showed Friday.
Gold and silver’s rally last month to repeated record highs came to an abrupt halt at the end of last week as the rapid advances were seen as too large and too swift. Bullion plunged the most since 2013 Jan. 30 and has since struggled to stabilize amid heightened volatility.
(By Yvonne Yue Li)
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