With Gold Prices Stuck in ‘Purgatory,’ Hedge Funds Pull Out
- Net-long position in metal drops for fifth straight week
- $6.2 billion pulled from precious metals ETFs in month
Maher: Gold to Rally Under Trump Protectionism
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Gold is in the doldrums.
Prices have fallen for six straight weeks, the worst streak in a year, as prospects for higher U.S. borrowing costs damped demand for gold, a for non-interest-bearing asset. Investors don’t seem too optimistic about the outlook for 2017. Hedge funds cut their bets on a rally to the lowest since February, while outflows are ramping up from exchange-traded funds.