Hedge Funds Cut Gold Bets in Fastest Exit This Year: Commodities
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Hedge funds extended their fastest exit from gold this year, cutting bullish gold wagers for a third week.
The net-long position in New York futures and options fell 14 percent, U.S. government data show. Holdings tumbled 49 percent over three weeks, the most since December. Assets in exchange-traded products backed by the metal dropped to the lowest since 2009, as the World Gold Council said third-quarter global demand was the weakest in almost five years.