Hedge fund's bullish bet on gold rises to its highest level since April

According to a report by Golden Finance, fund managers have raised their bullish bets on gold to the highest level since April this year, ahead of progress in trade negotiations between the United States and the European Union. As of the week ending July 22, the net long positions of hedge funds and other large speculators increased by 19% to 170868 contracts. The data released by the US government on Friday showed that 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 the easing of trade tensions will weaken safe haven demand, gold has also been supported by strong central bank buying.