Hedge funds and other money managers cut their net long position in COMEX gold to a six-week low in the week ended May 9, US Commodity Futures Trading Commission (CFTC) data showed on Friday. It was the second week in a row of cuts to the net long position in gold.

Money managers also cut their bullish stance in silver and copper futures and options, the data showed. The net long in silver was the smallest since February 2016 and the net long in copper was the lowest since November 2016. In gold, money managers cut their net long position by 48,512 contracts as prices dropped to an eight-week low. Traders took some of the premium out of safe-haven investments such as gold following the election of Emmanuel Macron as the French president. The net long in silver was cut by 21,057 contracts to 33,542, and the net long in copper was cut by 21,489 contracts to 29,787.

Copyright Reuters, 2017