Hedge funds bet on gold as demand rises
Net-long position in gold up 40% to 60,672 futures and options last week
[NEW YORK] Hedge funds raised bullish gold wagers by the most since July and sold copper holdings as emerging-market turmoil boosted concern that the global economy will slow and increased demand for precious metals as a haven.
The net-long position in gold jumped 40 per cent to 60,672 futures and options in the week ended Jan 28, US Commodity Futures Trading Commission (CFTC) data show. Long wagers rose 5.5 per cent to the highest since September, and short bets dropped 16 per cent. Net-bullish copper holdings tumbled 62 per cent as shorts gained by the most in 11 weeks.
About US$1.9 trillion was erased from the value of global equities last month as China's economy slowed and the Federal Reserve further cut stimulus on Jan 29.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
What to expect as US moves towards faster stock settlement
Businesses in DC blame the government for the district’s empty offices
Canada orders dissolution of two firms, citing national security concerns
Millennium asked Weiss to cut staff, expel clients in deal talks
Families of Uvalde school shooting victims sue Meta, Microsoft, gunmaker
US: Stocks stabilise after choppy trading week ahead of long weekend