Gold Falls as Investors Cut ETFs, Bearish Bets Rise

Monday, 29 April 2019 17:04 WIB



Gold is headed for the first decline in four days amid indications that the metal has lost some favor with investors.

Hedge funds increased their net-short position to the most bearish in 21 weeks, CFTC data showed Friday, while holdings of exchange-traded funds backed by the metal have sunk to a four-month low.

The strength of the U.S. dollar, which is trading near the highest levels seen this year, is an obstacle to any upward momentum in gold, according to Nicky Shiels, a commodity strategist at Scotiabank.

Spot gold -0.3% to $1,282.39/oz at 10:32am in London. Elsewhere, Spot silver -0.7%, Palladium -0.4% after +3.2% on Friday.

Source : Bloomberg


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