Economics
Gold Bulls Retreat as $1.6 Billion Erased From ETPs: Commodities
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Money managers trimmed bullish gold wagers for a third week, mirroring the retreat in prices that helped erase $1.6 billion from the value of bullion funds.
The net-long position in futures and options is at its lowest in 11 weeks after speculators added the most short bets in three months, U.S. government data show. Investors sold 13.1 metric tons of gold held through exchange-traded products last week, the most since April, as prices fell 1.6 percent.