Hedge funds and money managers raised their bullish positions in COMEX gold and silver contracts in the week to April 6, the US Commodity Futures Trading Commission (CFTC) said on Friday.
Wheat futures choppy following weekend storms that brought beneficial moisture to dry areas of the US Plains winter wheat belt.
Russian wheat export prices fell for a second consecutive week last week after the Russian origin lost a major tender in Egypt and CBOT wheat prices fell, analysts said.
Money managers' net long in CBOT wheat futures and options rose to 13,360 contracts through Dec. 29 from 6,233 a week earlier. That is less bullish than a year ago, but it is uncharacteristically optimistic for the time of year versus other recent years.
Gold, seen as a hedge against inflation, has gained more than 23% this year, largely driven by a raft of stimulus measures unleashed to mitigate the impact of the pandemic.
But gold's losses were limited by hopes of further US fiscal stimulus, with Reuters reporting that a $908 billion relief plan will be split in two in an effort to win approval and could be introduced as early as Monday.