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Yellen Surprises Hedge Funds Who Cut Gold Bets Before Rally

(Bloomberg) Janet Yellen’s soothing words on the pace of U.S. interest rate hikes were a day late for hedge funds losing faith in the metal. Money managers cut their bullish bets on bullion by the most since 2015 in the week ended March 14. The next day, Federal Reserve Chair Yellen reiterated that monetary policy will remain accommodative for “some time,” easing market fears that there might be more than three rate hikes this year. Her words sparked the biggest gold rally since November.

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