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Gold futures up as hedge funds ramp up bullish bets

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Gold futures rose 1% to $2,358 a troy ounce yesterday, making gains ahead of inflation data, as hedge funds ramped up their bullish bets on precious metals, ahead of the latest US inflation data, according to a report by Barron’s.

The report cites a note from SP Angel Analysts in revealing that COMEX net-long positions are now at their highest since mid-April 2020, when coronavirus concerns were at their most extreme.

According to SP Angel, market focus is now turning to Friday’s US Personal Consumption Expenditure data, which is expected to provide an insight into Federal Reserve interest-rate cut plans.

With higher interest rates typically driving down demand for non-interest-bearing bullion, markets are pricing in a 63% chance of an interest-rate cut by November, according to SP Angel.

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