Gold Speculators Bullish Positions Decline For 6th Consecutive Week
Zachary Storella | Sep 28, 2014 01:09AM ET
Weekly CFTC Net Speculator Gold Report
Speculator Positions fall for sixth straight week
Gold: Gold market traders and large speculators decreased their overall bullish bets last week for a sixth consecutive week and to the lowest level in over three months, 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +63,884 contracts in the data reported through September 23rd. This was a weekly change of -8,303 contracts from the previous week’s total of +72,187 net contracts that was registered on September 16th.
The drop in the speculator positions for a sixth week brings the gold speculator bullish sentiment down to the lowest standing since June 10th when positions totaled +61,127 contracts.
The weekly decrease in the net spec positions (-8,303) last week was due to a rise in the bearish positions by 7,936 contracts while the weekly bullish positions showed a small decline of 367 contracts.
Over the same weekly reporting time-frame, from Tuesday September 16th to Tuesday September 23rd, the gold price fell from approximately $1,236.70 to $1,222.00 per ounce, according to gold futures price data from investing.com.
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