Gold Speculators Cut Back On Bullish Net Positions For 3rd Week
Zachary Storella | Oct 08, 2017 03:59AM ET
Gold Non-Commercial Speculator Positions:
Large precious metal speculators again 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 203,855 contracts in the data reported through Tuesday October 3rd. This was a weekly decrease of -8,739 contracts from the previous week which had a total of 212,594 net contracts.
Speculative positions have now fallen for a third week to the lowest level since August 15th when net positions totaled +187,734 contracts.
Gold Commercial Positions:
The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -224,423 contracts on the week. This was a weekly boost of 9,048 contracts from the total net of -233,471 contracts reported the previous week.
GLD (NYSE: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 $120.83 which was a shortfall of $-2.31 from the previous close of $123.14, according to unofficial market data.
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