Gold Non-Commercial Speculator Positions:
Large precious metals speculators continued to raise their bearish net positions in the Gold futures markets again 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 -38,175 contracts in the data reported through Tuesday October 9th. This was a weekly decline of -16,353 contracts from the previous week which had a total of -21,822 net contracts.
The bearish speculative position has now increased for four straight weeks and for the fifth time out of the past six weeks. The current standing is now at the most bearish level since April 17th of 2001 when the net position totaled -45,569 contracts.
Gold Commercial Positions:
The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 25,866 contracts on the week. This was a weekly boost of 16,991 contracts from the total net of 8,875 contracts reported the previous week.
Gold Futures:
Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1191.50 which was a decline of $-15.50 from the previous close of $1207.00, according to unofficial market data.