Gold Speculators Edged Bullish Net Positions Higher, 1st Rise In 5 Weeks
Zachary Storella | Oct 22, 2017 04:03AM ET
Gold Non-Commercial Speculator Positions:
Large speculators slightly raised 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 200,724 contracts in the data reported through Tuesday October 17th. This was a weekly boost of just 612 contracts from the previous week which had a total of 200,112 net contracts.
Speculative positions had declined for the previous four weeks before this week’s small rise. Total gold speculative bets have continued to remain above the +200,000 net contract level for nine 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 -221,624 contracts on the week. This was a weekly advance of 1,373 contracts from the total net of -222,997 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 $122.13 which was a loss of $-0.27 from the previous close of $122.4, according to unofficial market data.
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