* Speculative 10-year T-note net longs highest in 4 months
* Speculative 2-year T-note net longs lowest in 2 months
* Shift in spec bond holdings occurred after gold sell-off
NEW YORK, April 19 (Reuters) - Speculators raised their net bullish bets on U.S. 10-year Treasury note futures in the latest week on views about a weakening global economy and diminishing chances of inflation as a threat, according to Commodity Futures Trading Commission data released on Friday.
The amount of bullish, or long, positions in 10-year Treasury futures from speculators exceeded bearish or short positions by 135,372 contracts on April 16, according to the CFTC's latest Commitments of Traders data.
This was the high level of speculative "net" longs in 10-year T-notes in about four months.
There were 120,799 more longs in 10-year note futures than shorts.
On Friday, June 10-year Treasury futures closed 4/32 lower than Thursday at 133, little changed on the week. In the cash market, the yield on 10-year Treasury notes ended up 1.7 basis points from late Thursday at 1.703 percent, which was down early 2.0 basis points from a week ago.
Earlier this week, benchmark 10-year Treasury yields fell to a four-month low and 10-year T-note futures rose in a safehaven rally spurred by the biggest single-day sell-off in the gold market in about 30 years.
Speculators also raised their bullish bets on medium-term Treasuries futures. Their long trades in five-year Treasury note futures exceeded short positions by 156,947 contracts on Tuesday, 6,421 more than last week, according to the latest CFTC data.
On the other hand, speculators' long positions in two-year T-note futures fell by 67,862 contracts to 72,670 on Tuesday, their lowest level in two months.
Among long-dated Treasury debt futures, speculators reduced their net short positions in 30-year bond futures to 8,968 contracts on Tuesday, down 3,123 from a week ago, the latest Commitment of Traders data showed.
But their net shorts in "ultra" long T-bond futures grew by 2,406 contracts to 17,285 in the latest week.