Gold Futures Speculators Slightly Pulled Back Bullish Bets
Zachary Storella | Nov 02, 2020 03:01AM ET
Large precious metals speculators reduced their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 248,634 contracts in the data reported through Tuesday October 27th. This was a weekly decline of -970 net contracts from the previous week which had a total of 249,604 net contracts.
The week’s net position was the result of the gross bullish position (longs) decreasing by -14,143 contracts (to a weekly total of 326,063 contracts) while the gross bearish position (shorts) fell by -13,173 contracts for the week (to a total of 77,429 contracts).
The gold speculative positions dipped on Tuesday after a strong run-up that had seen bullish positions gaining in six out of the previous eight weeks. Despite this week’s slight decrease, the net positions have now added a total of +27,596 bullish bets to the overall speculator standing over the past nine weeks. The gold sentiment has continued to maintain a steady bullish standing with the net position remaining above the +200,000 net contract level for seventy-two consecutive weeks.
h2 Gold Commercial Positions:/h2The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -296,462 contracts on the week. This was a weekly fall of -2,338 contracts from the total net of -294,124 contracts reported the previous week.
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1908.80 which was a decline of $-1.60 from the previous close of $1910.40, according to unofficial market data.
/h2
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.