Gold Speculator Bullish Bets Slightly Rebounded This Week
Zachary Storella | Mar 11, 2018 03:31AM ET
Gold Non-Commercial Speculator Positions:
Large metals speculators raised 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 183,823 contracts in the data reported through Tuesday March 6th. This was a weekly gain of 5,105 contracts from the previous week which had a total of 178,718 net contracts.
Speculative positions rebounded modestly this week after dropping for four out of the previous five weeks. The overall net position level remains below the +200,000 contract level for a fifth consecutive week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -204,903 contracts on the week. This was a weekly decrease of -5,107 contracts from the total net of -199,796 contracts reported the previous week.
GLD ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $126.53 which was a rise of $1.40 from the previous close of $125.13, according to unofficial market data.
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