Weekly CFTC Net Speculator Gold Report
Gold speculative positions dipped lower last week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders very slightly trimmed their gold bullish positions last week to lower the overall bullish bets for a second 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 +104,410 contracts in the data reported through June 2nd. This was a weekly change of -284 contracts from the previous week’s total of +104,694 net contracts that was registered on May 26th.
The dip in the weekly net speculator positions (-284 net contracts) was due to a larger increase in the weekly bearish positions by +2,632 contracts that overtook a smaller gain in the weekly bearish positions by +2,348 contracts.
Over the weekly reporting time-frame, from Tuesday May 26th to Tuesday June 2nd, the gold price edged higher from approximately $1,187.80 to $1,194.40 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) decreased their overall bearish positions for a second week to a net total position of -108,150 contracts through June 2nd. This was a weekly change of +1,570 contracts from the total net of -109,720 contracts on May 26th.
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).