Gold extends losing streak as bearish bets rise
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Gold futures dropped Monday, facing an eighth straight session of losses, with data showing an increase in bearish bets on the precious metal, while silver futures were on track for their steepest decline in a month.
Gold for June delivery GCM3 -0.38% in electronic trade fell $21.10, or 1.6%, to $1,343.90 an ounce. The last time gold fell for eight consecutive sessions was in 2009, with that run ending on March 4.
Gold’s drive lower came after data released Friday from the Commodity Futures Trading Commission reportedly showed big money managers and hedge funds held 74,432 short contracts on gold, or bets the metal’s price will fall. It was the highest level of funds holding short contracts since June 2006.
Through Friday, the most actively traded June contract had dropped by $109 over the past seven sessions.
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