(Updates throughout)
Dec 21 (Reuters) – Hedge funds and money managers cut their
net long position in gold to their lowest level since the end of
August in the week to Dec. 18, according to the Commodity
Futures Trading Commission’s Commitments of Traders report on
Friday.
Betting on lower prices, speculative investors cut their net
long position in gold by 17,443 contracts to 112,421. More than
half of the net drop – 9,832 lots – was due to an exit of long
positions, while the remainder was due to an increase in shorts.
The same group of investors cut their net silver long by
4,744 lots to 30,119, the lowest level since mid-November. All
but 317 lots of the reduction was due to investors getting out
of long positions.
In contrast, their net long in copper was raised by 2,408
lots to 24,531.
(Reporting by Josephine Mason; editing by Matthew Lewis)
