Money Managers Bail on Gold, Bracing for Higher Rates

Money managers are getting the jitters on comments such as those from Federal Reserve Bank of New York President William Dudley, who said he sees tighter U.S. monetary policy by year-end. The rally that took gold prices to the best first half in almost four decades is fizzling as traders price in increasing odds that interest rates will rise, hurting the appeal of bullion as a store of value. The net-long position in gold futures and options held by hedge funds and other large speculators fell for a third straight week to the smallest in more than seven months, government data showed Friday.

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