Hedge Funds Boost Gold Bets

Aug 26 2013 | 10:23am ET

Hedge funds took a bullish turn on gold last week, raising their long bets on the precious metal by the most in six months.

Net-long positions increased by 29% in the week ended Aug. 20, the Commodity Futures Trading Commission said. At the same time, short bets fell to their lowest level since February.

All told, net-long bets across 18 commodities increased 34%, the largest jump in more than three years. Bullish bets on copper more than doubled, as did those on a basket of 11 agricultural products. Net-long holdings of crude oil contracts, however, fell for the fourth week in a row.

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