Hedge funds most bullish on Gold since August

FXStreet (Mumbai) - Hedge funds turned most bullish on Gold since August during the week ended Dec. 9, contradicting the investment bank Goldman Sachs prediction that Gold prices will weaken.

As per the US Commodity Futures Trading Commission (CFTC) data The net-long position in gold rose 31 percent to 104,532 futures and options contracts in the week ended Dec. 9. Meanwhile, short positions declined 22%, most since Aug 2012.

Holdings in global bullion Exchange Traded Products (ETP) increased by 2 metric tons, snapping seven weeks of losses. Assets in the SPDR Gold Trust, the biggest such fund, jumped the most since July.