Hedge funds bet on the continuation of the decline in gold as the metal one-month slide deepened amid expectations for higher US interest rates.
Prices are in their worst defeat since July as officials from the Fed talking about improvements in the US economy and reinforce signals that the Fed is ready to raise rates for the first time since 2006.
This perspective has forced investors to flee. Assets in exchange-traded products backed by gold fell to its lowest level since 2009. Managers hold a net short position of the metal for the first time since August, having dropped their long bets to the smallest in seven years.
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