Gold Speculators Slightly Lowered Bullish Net Positions This Week
Zachary Storella | Nov 19, 2017 02:44AM ET
Gold Non-Commercial Speculator Positions:
Large precious metals speculators slightly reduced their 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 195,084 contracts in the data reported through Tuesday November 14th. This was a weekly reduction of -706 contracts from the previous week which had a total of 195,790 net contracts.
Speculative positions had risen for two straight weeks and for three out of the previous four weeks before this week’s small decline.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -215,791 contracts on the week. This was a weekly decline of -504 contracts from the total net of -215,287 contracts reported the previous week.
GLD (NYSE:GLD) ETF:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the SPDR Gold Shares ETF (NYSE:GLD), which tracks the price of gold, closed at approximately $121.56 which was an advance of $0.35 from the previous close of $121.21, according to unofficial market data.
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