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Hedge funds, money managers cut bullish bets on gold as price edged up to $1,300

Tuesday, May 20, 2014

Komfie Manalo, Opalesque Asia:

Hedge funds and money managers cut their bullish bets on gold futures and options even as the price of the yellow metal reaches the psychologically important $1,300 per ounce, according to the latest data from the Commodity Futures Trading Commission (CFTC).

According to Brecorder.com, gold prices picked slightly at the start of this week and rose 0.6% on Monday after posting two consecutive sessions of losses. The U.S. gold futures also slightly edged by 0.5% to $1,300.50 an ounce.

Industry players warned the upcoming announcement from the European Central Bank to cut interest rates to support the euro zone economies might have a negative impact on gold. Matthew Turner, an analyst at Macquarie was quoted as saying, "The ECB's loose monetary policy should be bullish for gold but the downside is that it makes the euro weaker, lifting the dollar up so it might not be seen in the dollar gold price."

"Adding to gold's general sense of directionlessness was the ECB's announcement that the Central Bank Gold Agreement would be renewed ... but without any sales limit, there is not much purpose to it," Turner added.

A separate report by Bloomberg said hedge funds cut their bullish bets on gold futures by the most in......................

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