Weekly CFTC Net Speculator Gold Report
Gold
Large futures market traders and speculators raised bullish bets in the gold futures market last week for a third consecutive week and to the highest level in over a month, 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 +97,956 contracts in the data reported through May 6th. This was a change of +12,729 contracts from the previous week’s total of +85,227 net contracts on April 29th.
The gold non-commercial net positions rose by the highest weekly amount since March 18th last week and the overall net speculator positions are at the highest weekly standing since April 1st when net positions equaled +100,145 contracts.
Over the weekly reporting time-frame, from Tuesday April 29th to Tuesday May 6th, the gold price climbed from $1,296.20 to $1,307.60 per ounce, according to gold futures price data from investing.com.
Disclaimer: 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).