Gold bullish net positions fall to near 4-quarter low

On July 2nd, international gold prices faced slight pressure during the day, ending the previous two days of rebound. According to the latest data from the World Gold Council, the total net long position of gold futures on the Chicago Mercantile Exchange has dropped to 605.91 long tons, the lowest in nearly four quarters. However, analysts indicate that the gold trading market in July is shifting towards betting on the Federal Reserve's interest rate cuts, combined with strong gold purchases by global central banks and long-term concerns about the credibility of the dollar, which still provides solid support for gold prices