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Bullish gold bets rise on central bank's actions

FXStreet (Mumbai) - The aggressive monetary policies implemented by the Bank of Japan (BOJ), European Central Bank (BOJ), and the People’s Bank of China (PBoC) in recent days led the hedge funds to increase the bullish bets on Gold at the fastest rate since June.

The US Commodity Futures Trading Commission (CFTC) data showed the net-long position in New York futures and options expanded 56%. The short positions fell to a two-month low, while long bets climbed for the first time in a month. The net-long position in gold rose by 21,634 contracts to 60,307 futures and options in the week ended Nov. 18. Short wagers fell to 65,405 contracts, the least since Sept. 9.

Moreover, the yellow metal touched a three-week high on Friday after the PBoC cut interest rates for the first time in more than two years. On similar lines, the aggressive stimulus from the BOJ and the ECB supported the metal since last few weeks.

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