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Hedging funds' bullish bets on gold have risen to the highest level since April.
[Hedging] funds' bullish bets on gold have risen to their highest level since April. Before progress is made in trade negotiations between the United States and the European Union, fund managers have increased their bullish bets on gold to the highest level since April this year. For the week ending July 22, the net long positions of [Hedging] funds and other large speculators increased by 19% to 170,868 contracts. Data released by the U.S. government on Friday showed this is the highest level in 16 weeks. The trade war launched by the Trump administration has pushed gold prices up 27% this year. Although easing trade tensions will weaken safe-haven demand, gold has also received support from strong purchases by the Central Bank.