Institutions: Gold's decline may reflect some degree of profit-taking
US gold futures fell 0.4 per cent to $2,747.70 an ounce. This comes after gold hit a new record of $2,772.60 an ounce in early trading. Market watchers said the decline may reflect a degree of profit-taking. analysts at SP Angel said in a report that earlier gains in gold prices were linked to the ongoing sell-off in U.S. Treasuries. The BRICS summit is also in the spotlight, with ongoing de-dollarisation talks set to further boost gold prices.Fund managers increased bullish positions in gold this week, while short-only positions declined, SP Angel said.Gold holdings in exchange-traded funds also continued to grow, hovering around 84 million ounces, SP Angel added.
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