News) - Longer-term investment buying such as exchange-traded funds has been the main fuel pushing gold prices higher in recent weeks, with Commodity Futures Trading Commission (CFTC) data showing the net-bullish posture of money managers in the futures market has not changed much so far this month, analysts said.
The net-bullish position increased modestly in the week to April 14 to 155,244 futures contracts, yet remains in a narrow range of 7154,079 to 157,409 lots since March 17. Meanwhile, the most-active Comex June gold-futures contract soared from a close of $1,528.10 on March 17 to a session high of $1,788.80 on April 14, the cutoff date for the most recent CFTC positioning report.
Money manages trading in the futures market have been “hardly involved at all” in the price rise, commented Commerzbank analyst Carsten Fritsch.


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