After three weeks building positions in gold, hedge funds cut back last week.
Net-long positions in the precious metal fell by 4.1% in the week ended June 11, according to the Commodity Futures Trading Commission. It's the first such drop in net longs in three weeks.
Other commodities also saw a decline in confidence: Copper shorts more than doubled and cocoa bets, after hitting their highest level since 2008, suffered their biggest weekly drop since the beginning of the year. And short bets on silver set a record on the week.
Agricultural commodities saw increased interest, however, with net longs across 11 products rising 5.9%—despite a 9.3% drop in long positions in corn.