Money managers are increasingly turning to gold as global tensions rise, pushing bullish wagers to a 16-week peak. Hedge funds and large speculators have increased net-long positions by 1.9% to 139,162 contracts, the highest level in 16 weeks.

Investors are favoring precious metals like gold and silver amidst escalating trade, geopolitics, and monetary policy concerns. The strained US-European relations are adding to these uncertainties, driving the price of gold near $5,000 an ounce.

The surge in gold prices reflects growing global uncertainties, leading investors away from traditional investments like currencies and sovereign bonds. This trend is likely to continue as long as the current global uncertainties persist.

Read more at Yahoo Finance: Hedge Funds Increase Gold Bets to 16-Week High