Zhitong Finance APP learnedcatsbattlearenaAs gold prices surged to record highs earlier this week, fund managers 'bullish sentiment on gold also rose to its highest level in more than four years. U.S. government data showed that in the week ended May 21, hedge funds and theircatsbattlearenaHis large speculator added net long positions in Comex futures and options by 21030 contracts, the highest level since mid-April 2020.

Investors cashed out after gold prices hit a record on Monday, making precious metals look set for their worst week of the year. Still, gold prices have risen 13% this year as central bank purchases, strong Asian demand and geopolitical conflicts have highlighted gold's safe haven status.