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Hedge funds trimmed longs after gold rally and triggered massive market selloff
Following a 50% year-to-date rally in gold prices to more than $4,000 an ounce, institutional investors have begun closing some of their long positions amid increased volatility.
Much of gold’s bull run in 2025 was characterised by subdued levels of implied volatility, while the so-called debasement trade saw investors shift away from holding sovereign debt and currencies towards gold as a haven from economic uncertainty and perceived threats to the US Federal Reserve’s independence.
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