Gold Speculators Increased Bullish Net Positions For 2nd Week
Zachary Storella | Jul 15, 2018 02:22AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals 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 81,434 contracts in the data reported through Tuesday July 10th. This was a weekly boost of 3,107 contracts from the previous week which had a total of 78,327 net contracts.
The speculative bullish gold position rose modestly for a second straight week following two large weekly declines. The overall bullish position remains under the +100,000 net contract level for a fourth consecutive week.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -100,394 contracts on the week. This was a weekly decrease of -7,244 contracts from the total net of -93,150 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 $118.93 which was a gain of $0.28 from the previous close of $118.65, according to unofficial market data.
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