View photosHedge Funds Dumped Gold Bets Before Jobs Data Sparked RallyMore

(Bloomberg) — Hedge funds are looking like fair-weather friends when it comes to gold.

Investors dumped their bullion holdings as the metal flirted with erasing its 2019 advance. But the move could prove to be premature. On Friday, prices got a jolt after a report showed U.S. hiring in February was the weakest in more than a year. The news helped gold push back above $1,300 an ounce amid renewed demand for a haven.

Gold has been caught in a tug of war. Four straight months of price gains amid

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