Bridgewater’s China Unit Trims Its Overweight Gold Position

Bridgewater’s China unit has gradually pared a previously overweight gold position, reflecting a less bullish view as higher interest rates and rising oil prices weighed on the metal’s appeal.

The unit told investors Oct. 23 that it had become less bullish on gold. In a September letter, the team described gradually trimming the position.

The team cited rising rates, which increased the opportunity cost of holding gold. Higher oil prices also curbed demand in energy-importing countries such as India.