- Bullish bets on gold jumped to their highest in more than four years amid expectations of closer and greater monetary easing by the U.S. Federal Reserve to support the economy, according to Bloomberg.
- Weekly U.S. government data released Friday showed hedge funds and other large speculators boosted their net long positions by 7.8% to 236,749 contracts as of Aug. 20, the highest level since early 2020.
- The precious metal hit an all-time high of $2,531.75 an ounce on Tuesday, after breaking above $2,500 for the first time this month, amid growing expectations that the US Federal Reserve is close to cutting interest rates.
- Bullion, which does not pay interest on its holding, typically benefits from low interest rates.
