Weekly CFTC Net Speculator Gold Report
GOLD: Futures market speculators decreased their overall bullish bets in the gold futures market last week for a second straight week and net bullish positions fell to their lowest level since January, 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 Comex gold futures traded by large speculators and hedge funds totaled a net position of +59,151 contracts in the data reported through June 3rd. This was a weekly change of -14,240 contracts from the previous week’s total of +73,391 net contracts that was registered on May 27th.
The second straight week of decline in the bullish speculator positions brings the overall bullish net level to the lowest standing since January 21st when positions equaled +46,583 contracts.
Over the weekly reporting time-frame, from Tuesday May 27th to Tuesday June 3rd, the gold price declined from $1,265.70 to $1,244.50 per ounce, according to gold futures price data from investing.com.
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).