Speculators boosted bullish gold bets to a three-month high on signs central banks will act to counter low inflation, reviving the allure of bullion as a hedge.
The net-long position in New York futures and options climbed for a third week, the longest expansion since July, government data show. Short holdings fell to a 14-week low.
Futures rebounded 5.3 percent since touching a four-year low on Nov. 7. European Central Bank President Mario Draghi said last week that policy makers “won’t tolerate” a prolonged period of low inflation, as officials consider increasing asset purchases. China lowered interest rates to spur economic growth, while Japan has expanded its unprecedented stimulus program.
Bloomberg
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