Hedge funds have raised bets on a gold rally within three weeks as central banks signal no end to economic stimulus, driving prices higher just as analysts and traders have turned the most bearish in three years.
The funds and other large speculators raised their net-long
position by 19% to 54,762 futures and options from April 30, data from the US
Commodity Futures Trading Commission shows.
Holdings of short contracts retreated 9.2%, the most since March 19.
Net-bullish wagers across 18 US-traded raw materials jumped 28% to 550,182, the
biggest increase in seven weeks, led by gains in soya beans, cocoa and crude
oil….
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