Gold bulls aren’t taking any chances. Long positions in bullion futures and options, which reached a record last month, have dropped in five of the past six weeks as signs of an improving U.S. economy revive concerns that rates may rise. With Federal Reserve Chair Janet Yellen set to speak at the annual Jackson Hole symposium Friday, prices have declined this week as the market is “lightening up on exposure ‘in case’ Yellen surprises,” Peter Hug, global trading director at Kitco Metals Inc., said in a note.

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