Gold has fallen out of favor with large speculators, according to data from Bank of America/Merrill Lynch, with positioning sliding to its lowest spot in nearly a decade.
Although gold is perched near its highest levels in nearly three weeks, investors remain wary of buying it. BofA analysts note that market players have largely liquidated their bullish bets on gold: at $2.1 billion, bullion long positions are hunkered at their lowest levels since 2002, the bank said.
Meanwhile, "speculative shorts in gold are their largest ever," BofA added.
Despite global central banks' having no intention of removing their collective foot from the monetary throttle anytime soon, gold bulls have been chastened by a dizzying selloff that has shaved more than 25 percent from bullion's value in 2013.