Hedge funds raise bullish gold wagers

It is the highest in eight weeks, but Goldman says the gains will be short-lived

[NEW YORK] Hedge funds raised bullish gold wagers to the highest in eight weeks as signs of stronger Chinese demand drove prices to the longest rally since August. Goldman Sachs Groupsays that the gains will be short-lived.

The net-long position in gold climbed 7.6 per cent to 43,277 futures and options in the week ended last Tuesday, US Commodity Futures Trading Commission (CFTC) data show. Long wagers rose 4.7 per cent, outpacing the 2.9 per cent gain in short bets. Net-bullish holdings across 18 US-traded commodities advanced 2.6 per cent, led by cattle, silver and soya beans.

Gold climbed for four straight weeks, rebounding 4.4 per cent this month after a 28 per cent plunge last year that was...

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