Gold Speculators Cut Back On Bullish Net Positions For 3rd Week
Zachary Storella | Feb 18, 2018 04:34AM ET
Gold Non-Commercial Speculator Positions:
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 175,606 contracts in the data reported through Tuesday February 13th. This was a weekly fall of -15,271 contracts from the previous week which had a total of 190,877 net contracts.
Speculative positions have declined for three straight weeks following a run of six weekly increases in a row. The overall net position is under the +200,000 contract level for a second straight week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -194,536 contracts on the week. This was a weekly uptick of 10,915 contracts from the total net of -205,451 contracts reported the previous week.
SPDR Gold Shares (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 $126.08 which was an increase of $0.70 from the previous close of $125.38, according to unofficial market data.
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