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Money managers take long position on gold, eye uptrend

Posted on 30 July 2013

Money managers have increased their long bets on the yellow metal considering sharp rally seen in the metal over the past one week. The gold prices have shown uptrend in recent weeks, which prompted hedge funds to take long positions in recent data shared by the US commodities regulator.
The US Commodity Futures Trading Commission data showed that money managers increased their net-long position by 26% to 70,067 futures and options as of July 23. The fourth consecutive weekly gain is the longest streak since October. Bullish wagers across 18 U.S.-traded commodities gained 7.4 percent to 615,140. Investors more than doubled bets on lower corn prices to a record net-short holding…………………………………Full Article: Source


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