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Speculators cut bullish Gold bets for a third week

FXStreet (Mumbai) - The investors ditched Gold for the US Dollar, which rose to a four year high during the week ended Nov. 11, showed the US Commodity Futures Trading Commission (CFTC) data.

The net-long position in New York futures and options fell 14%, while the assets in the exchange-traded products backed by the metal dropped to the lowest since 2009. The net-long position in gold fell by 6,399 contracts to 38,673 futures and options in the week ended Nov. 11, while the net-short positions increased 3.6%.

Overall, the yellow metal is still at least 14%, down from the current year’s high in March. Moreover, the demand for the metal dropped due to falling inflation in the advanced economies and the possibility of an interest rate hike in the US.

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