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Speculators cut bullish bets on Gold

FXStreet (Mumbai) - The speculators cut their bullish gold bets before the gold prices fell to their lowest level since 2010.

As per the US government data, the net-long position in New York futures and options declined for the first time in three weeks. Moreover, the yellow metal fell as the rising stock prices along with the optimism regarding US economy reduced the safe haven demand. Sliding Crude prices also hurt Gold since low energy prices triggered fears of low inflation in advanced economies.

Bloomberg data shows, “More than $1.3 billion was pulled from U.S. exchange-traded products tracking precious metals in October.”

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