Weekly CFTC Net Speculator Gold Report
Gold speculative positions fell for 3rd week last week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply reduced gold bullish positions last week and decreased their overall bullish bets for a third straight 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +75,090 contracts in the data reported through June 9th. This was a weekly change of -29,320 contracts from the previous week’s total of +104,410 net contracts that was registered on June 2nd.
The fall in the weekly net speculator positions (-29,320 net contracts) was due to a gain in the weekly bearish positions by 21,834 contracts that combined with a decrease in the weekly bearish positions by 7,486 contracts.
Over the weekly reporting time-frame, from Tuesday June 2nd to Tuesday June 9th, the gold price dropped from approximately $1,194.40 to $1,177.60 per ounce, according to gold futures price data from investing.com.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) cut back on their overall bearish positions for a third week to a net total position of -78,589 contracts through June 9th. This was a weekly change of +29,561 contracts from the total net of -108,150 contracts on June 2nd.
*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).