Gold traded near the lowest level this year as investors exited bullion-backed exchange-traded funds, with the haven asset losing some of its appeal amid easing concerns over a global economic slowdown. Prospects for a U.S.-China trade deal and gains in equities have also hurt demand.
Hedge funds are taking note of the dip in prices. Money managers have flippedto bearish from bullish as short positions outnumbered long ones by 3,969, weekly CFTC data on futures and options show.
Spot gold +0.2% at $1,278.14/oz at 9:59am in Singapore. Metal dropped to $1,271.26 last week, lowest level since Dec.
Source : Bloomberg