(Bloomberg) -- Hedge funds got less bullish on gold for the seventh time in eight weeks as the U.S. economy strengthens and inflation fails to accelerate, driving prices to the biggest annual drop in more than three decades.

The net-long position in gold fell 12% to 28,702 futures and options in the week ended Dec. 24, U.S. Commodity Futures Trading Commission data show. Short holdings gained 1.1% to 76,052, a three-week high. Net-bullish holdings across 18 U.S.-traded commodities climbed 4.5% to 768,354 contracts as copper wagers gained to a 34-month high.

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