Gold has extended gains to climb to its highest level since last October as investor demand for safe havens is on the rise as the price of oil continues its tail-spin.
New data on gold positioning shows investors are increasing their long positions, or bets that the yellow metal will increase in price, with gold net longs at peaks not seen since August last year according to UBS.
At the same time, however, copper has fallen further below $6,000, beyond five-year lows as oil weakness reportedly sparked selling from Chinese hedge funds, with analysts now branding the metal a “favorite short”.
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