Net long gold positions on US commodities exchange COMEX fell 27% to 72,655 contracts in the week ended June 27, a seven-week low, Commodity Futures Trading Commission data showed Monday.
It was the third week bullish positions declined on the US commodity exchange, down 70% from seven-month highs at the start of June.
Spot gold was priced around $1,225/oz at 1400 GMT Monday, down as much as $15/oz from Friday's close to a new eight-week low.
Gold has been under renewed pressure from likely technical selling as the price dropped below its 200-day moving average of $1,235/oz when US markets opened.
"The ongoing high risk appetite among market participants and rising bond yields are weighing on the gold price," Commerzbank analysts said in a note, adding that despite remaining weak, "the US dollar is still failing to lend any support to gold".
Elsewhere, net long silver positions declined for the third straight week, down 55% to an 18-month low of 11,833 contracts.
Silver was trading around $16.24/oz Monday, down around 35 cents/oz from Friday's close, in line with the fall in gold and close to May's 2017 low of $16.20/oz.
Platinum positions extended their net short position for the third straight week, up 26% to 9,893 contracts.
Platinum was around $907/oz Monday, also at an eight-week low, down $16/oz from Friday's close.
Palladium positions declined for the first time in four weeks, down 3.1% from last week's 2-1/2 year high to 24,224 net long contracts.
Palladium was priced around $842/oz, up around $1 from Friday's close.
