Stock image.
Money managers boosted their bullish wagers on bullion to the highest since April before the US and the European Union made progress on trade talks.
Hedge funds and other large speculators increased net-long positions by 19% to 170,868 contracts for the week ended July 22. The level was the highest in 16 weeks, US government data showed on Friday.
The trade war unleashed by the Trump administration has helped power gold’s 27% rally this year. While a de-escalation of trade tensions would weaken haven demand, gold has also seen support from strong central-bank buying.
(By Yvonne Yue Li)