Internet reports that fund managers have raised their bullish bets on gold to the highest level since April this year, ahead of progress in trade talks between the United States and the European Union. Net long positions of hedge funds and other large speculators increased 19% to 170,868 contracts in the week ended July 22. Data released by the U.S. government on Friday showed it was the highest level in 16 weeks. The trade war launched by the Trump administration has pushed gold prices up 27% this year. Although easing trade tensions will weaken safe-haven demand, gold has also been supported by strong central bank buying.