Precy Dumlao, Opalesque Asia:
Hedge funds turned bearish on the yellow metal after prices plunged to their worst weekly performance since the end of June and dropped to near three-year lows of $1,182 per ounce.
According to Mining.co, gold prices fell to $1,309 per ounce on Monday after dropping more than 5% last week. In August, gold briefly entered the bullish territory. Since then, short resellers have re-entered the market, ahead of the Federal Reserve’s meeting this week.
The gold price has increased nearly 60% since QE1 was announced in December 2008 when the ruling price was $837 an ounce, but the metal has retreated some $370 in 2013, says Mining.co.
BusinessWeek reported that data from the CFTC (U.S. Commodity Futures Trading Commission) shows net-long positions held by hedge fun......................
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