Gold Speculators Lifted Their Bullish Net Positions After 2 Down Weeks
Zachary Storella | Apr 22, 2018 02:18AM ET
Gold Futures Non-Commercial Speculator Positions:
Large metals speculators 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 163,069 contracts in the data reported through Tuesday, April 17th. This was a weekly boost of 7,697 contracts from the previous week which had a total of 155,372 net contracts.
Speculative positions in gold had fallen for the previous two weeks and for four out of the previous five weeks before this week’s gain. The overall level remains under the +200,000 level for a third 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 -185,262 contracts on the week. This was a weekly decrease of -9,610 contracts from the total net of -175,652 contracts reported the previous week.
SPDR Gold Shares ETF (NYSE:GLD):
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $127.75 which was an uptick of $0.63 from the previous close of $127.12, according to unofficial market data.
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