Hedge Funds Cut Gold Bull Bets to Lowest Since June

After gold’s rally in the first half of the year beat gains for commodities, equities and Treasuries, bullion is back to being out of favor with investors.

Hedge funds cut their bullish gold bets for the fourth week in five, sending holdings to a two-month low, U.S. government data show. Open interest in New York futures is the smallest in five years, and assets in global exchange-traded products backed by the metal in August posted the biggest monthly drop since May.