Hedge funds turn bullish on Gold ahead of Greek vote

FXStreet (Mumbai) - The uncertainty surrounding the political scenario in Greece has led the hedge funds to bet on rise in Gold prices ahead of the Greek vote scheduled on Jan. 25.

The latest US government data shows, Bullish bets on Gold increased for the first time in three weeks and have more than doubled since mid-November. Meanwhile, bearish bets dropped for the sixth week in seven.

The US Commodity Futures Trading Commission (CFTC) data for the week ended Dec. 30, Net-long positions rose 5.7% to 98,391 futures and options, erasing the % drop seen in the previous two weeks. Short positions fell 8.2%.