Gold net long positions jump to highest since November
|The latest CFTC data show gold is shining big time amid US dollar weakness and geopolitical tensions.
Hedge funds boosted the long positions to the highest since November. The net bullish positions rose by 15% to 161,263 futures and options contract in the week ended April 18, the latest CFTC data showed.
A report from Bloomberg also takes note of the rise in the open interest in gold futures to the highest level since January. Meanwhile, assets in the SPDR Gold Shares ETF rose for three straight weeks.
The market positioning suggests the drop in gold seen today is likely to be short lived and the yellow metal may continue to climb the stairs unless the Fed sends a strong signal that it intends to reduce its balance sheet size later this year.
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