• Speculators have been slashing bullish bets for weeks

• Traders started to sell gold at the beginning of February

• Last week bullish bets fell to lowest since Jan 2024

• Gold around $2800 start of February rose to $3500 record in April

• Enduring bid may result from diversification FX reserves

• Lost trust could do dollar lasting damage

• Much lower oil prices are undermining USD

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Gold

(Jeremy Boulton is a Reuters market analyst. The views expressed are his own)