Money managers’ bullish wagers on gold fell to the lowest in more than three months as Donald Trump’s decisive election victory reduced haven demand for the precious metal.
Hedge funds and other large speculators boosted net-long positions by 11% to 197,362 as of Nov. 12, the lowest in 14 weeks, weekly US government data showed on Friday.
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Donald Trump’s election victory last week.
