Bull run on yellow metal diminishes as hungry bears tighten grip

Speculators pare options on bullion as US economy gathers momentum, dollar recovers, reports Bloomberg.

Speculators pared bets on rising gold prices for a seventh consecutive week, the longest retreat since 2010, as futures erased this year's gains.

The net-long position in New York futures and options contracted as hedge funds accumulated the most bets on further declines since the US government began collecting data in 2006. The most-traded Comex gold option on Friday was for the right to sell December futures at $1,100 an ounce, or almost 8 percent below where prices ended the day.