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Friday, September 27, 2024 - 11:38:34
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Money managers’ bullish wagers on gold jumped to the highest in more than four years as the precious metal registered successive highs after Federal Reserve’s first interest-rate cut since 2020.
Hedge funds and other large speculators boosted net-long positions by 0.9% to 254,841 as of Sept. 24, the highest since March 2020, weekly US government data showed on Friday.
The precious metal reached an all-time high of $2,685.58 an ounce this week, capping a series of record highs amid optimism of further rate reductions by the US central bank.
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