Hedge Funds Slash Bullish Wagers on Gold Over Trump Election Win

(Bloomberg) -- 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.

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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.

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