Gold Non-Commercial Speculator Positions:
Large precious metals speculators cut back on their bullish net positions in the Gold futures markets again this week after reaching a record high in February, 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 281,916 contracts in the data reported through Tuesday, March 17th. This was a weekly change of -17,615 net contracts from the previous week which had a total of 299,531 net contracts.
The week’s net position was the result of the gross bullish position (longs) sinking by -18,885 contracts (to a weekly total of 317,405 contracts) while the gross bearish position (shorts) decreased by just -1,270 contracts for the week (to a total of 35,489 contracts).
Gold Speculators decreased their bullish bets for the fourth consecutive week this week and by a total of -71,733 contracts over this 4-week period. Bullish bets had previously risen to an all-time record high level of 353,649 contracts on February 18th (CFTC data going back to 1986) before turning lower in the following weeks. Gold bets remain strongly bullish at +281,916 net contracts but are at the lowest level in fourteen weeks.
Gold Commercial Positions:
The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -301,709 contracts on the week. This was a weekly rise of 26,595 contracts from the total net of -328,304 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 $1525.80 which was a shortfall of $-134.50 from the previous close of $1660.30, according to unofficial market data.