Gold Non-Commercial Speculator Positions:
Large metals 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 48,597 contracts in the data reported through Tuesday July 24th. This was a weekly decline of -9,244 contracts from the previous week which had a total of 57,841 net contracts.
The speculative gold position has fallen for two consecutive weeks and for six out of the past ten weeks. The bullish position has now dropped to the lowest overall standing since January 19th of 2016 when the net position totaled 43,694 contracts.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -65,668 contracts on the week. This was a weekly gain of 7,967 contracts from the total net of -73,635 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 $116.04 which was a decrease of $-0.24 from the previous close of $116.28, according to unofficial market data.
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