Gold-Rally Bets Drop Most Since April 2009 After Euro Rebounds
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Bets on a gold rally by hedge-fund managers and other large speculators dropped the most since April 2009 after the metal traded below a key moving average following the euro’s rebound.
In the week ended July 6, speculative long positions, or bets prices will rise, outnumbered short positions by 209,042 contracts on the Comex in New York, U.S. Commodity Futures Trading Commission data showed today. Net-long positions fell by 35,683 futures contracts, or 15 percent, from a week earlier.