Gold Speculators Bets Rebounded
Zachary Storella | May 05, 2019 01:55AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals speculators raised their bullish net positions this week in the Gold futures markets after a couple of down weeks, 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 66,219 contracts in the data reported through Tuesday, April 30th. This was a weekly rise of 28,824 net contracts from the previous week which had a total of 37,395 net contracts.
The week’s net position was primarily the result of the shorts (gross bearish position) pulling back on their bets by -28,240 contracts this week to a total of 111,056 contracts. The longs (gross bullish position), meanwhile, only increased their bullish bets by 584 contracts to a weekly total of 177,275 contracts.
The net speculative position had declined for two straight weeks and for three out of the past four weeks before this week’s rebound. The current standing for speculator sentiment is now at the highest level of the past three weeks and has remained in an overall bullish position for twenty-four straight weeks.
Gold Commercial Positions:
The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -88,312 contracts on the week. This was a weekly drop of -30,916 contracts from the total net of -57,396 contracts reported the previous week.
Gold Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1285.70 which was an uptick of $12.50 from the previous close of $1273.20, according to unofficial market data.
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.