Hedge Funds Cut Bullish Gold Wagers: Commodities
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Hedge funds cut bets on a gold rally for the first time in six weeks as prices snapped the longest stretch of gains since August 2011.
Money managers trimmed their net-long position by 8.5 percent in the week through July 15, U.S. government data show. Prices dropped 2 percent last week, the first loss since May and helping to erase $1.38 billion from the value of exchange-traded products backed by the metal.