Gold Futures Fall on Stronger Dollar, Decreasing Bullish Bets
Gold futures fall 0.5% to $2,663.50 a troy ounce, capped by gains in the U.S. dollar. The precious metal has given away gains made over the past week after China's finance ministry promised more support for the struggling property market and private companies but stopped short of indicating any fresh stimulus measures that investors were hoping for, disappointing Western markets, ING Research analysts say in a note.
The latest positioning data from the Commodity Futures Trading Commission also shows hedge funds decreased their net long gold bets for the second consecutive week, the least bullish managed money has been since mid-August as the U.S. monetary policy easing pathway still remains uncertain, ING analysts say in a note.
Source: MT newswires