Gold Speculators Cut Back On Their Bearish Bets This Past Week

Gold COT Futures Large Trader Positions

Gold Non-Commercial Speculator Positions

Large precious metals speculators decreased their bearish net positions in the Gold futures markets 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 -7,590 contracts in the data reported through Tuesday September 11th. This was a weekly gain of 5,907 contracts from the previous week which had a total of -13,497 net contracts.

The speculative bearish position was reduced for a second time out of the past three weeks following six straight weeks of rising bearish bets (through August 21st). The gold spec position has now been in bearish territory for five straight weeks after falling into a bearish standing on August 14th.

Gold Commercial Positions

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of 13 contracts on the week. This was a weekly shortfall of -6,512 contracts from the total net of 6,525 contracts reported the previous week.

Gold COT Futures Large Trader Vs Gold Futures

Gold Futures

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1202.20 which was a boost of $3.10 from the previous close of $1199.10, according to unofficial market data.

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