Goldpriceshedgefund Gold prices stuck in neutral as hedge fund-induced short squeeze runs out of steam
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Gold prices saw a sharp rally at the start of November as markets started to shift their expectations on U.S. monetary policy, looking for the Federal Reserve to slow the pace of its aggressive rate hikes. However, analysts note that the initial momentum has run its course. ”The messaging from the Fed is that if anything, rates will stay high for longer and this will help the USD and rates - gold appears to have rallied on a slower path towards high and long,” Nicholas Frappell, global general manager at ABC Bullion told Kitco News on Friday.
The gold market is now net long by 19,431 contracts, relatively unchanged from the previous week. The drop in momentum is a sharp contrast to the last two previous weeks as hedge funds bought a total of 5 million ounces of gold to cover their short positions. Along with gold, silver's 20% rally from its October lows has also run its course as prices try to stabilize around $21 an ounce.
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