(Bloomberg) -- Money managers became the most bullish on gold in more than four years as prices surged to a fresh record earlier this week. 

Hedge funds and other large speculators boosted their net-long position in Comex futures and options by 21,030 contracts in the week through May 21, according to US government data. That’s the highest since mid-April 2020.

Investors have been cashing in after Monday’s record, with the precious metal heading for its worst week this year. Still bullion is up 13% this year on the back of central-bank purchases, robust demand in Asia and conflicts in Ukraine and the Middle East that underscore its haven status.

©2024 Bloomberg L.P.