Gold Speculators Cut Back On Their Net Positions For 4th Week
Zachary Storella | Oct 15, 2017 03:19AM ET
Gold Non-Commercial Speculator Positions:
Large gold speculators continued to reduce 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 200,112 contracts in the data reported through Tuesday October 10th. This was a weekly decline of -3,743 contracts from the previous week which had a total of 203,855 net contracts.
Speculative positions in gold, despite the recent declines, have remained above the +200,000 net position level for eight straight weeks.
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 -222,997 contracts on the week. This was a weekly rise of 1,426 contracts from the total net of -224,423 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 $122.4 which was an advance of $1.57 from the previous close of $120.83, according to unofficial market data.
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