https://online.wsj.com/article/BT-CO-...ss_Commodities

Relevant parts read:

Hedge funds and other investment managers tracked by the commodity regulator boosted their bets on lower Comex-traded gold futures and options by 33%, to 65,617 contracts, during the week ended Tuesday. That is the most in weekly CFTC data going back to June 2006

This week, speculation that the Federal Reserve may pull back its easy-money policies has limited expectations for inflation.