Gold investor sentiment returns, speculative positions at 14-month high: CFTC
New York (Mar 14) Net long positions in gold on COMEX rose to a 14-month high in the week to March 8, the most recent data from the US Commodity Futures Trading Commission showed Monday, following the first declines of 2016 seen the previous week.
Net long positions in gold held by managed-money investors rose to 127,427 contracts in the week to March 8, the highest level since January 2015, CFTC data showed.
Positions had declined by 4% the previous week to 104,370 contracts, the first such decline in net long positions since December.
Gold shed over $30/oz Friday as equities rose sharply following news of renewed monetary stimulus by the European Central Bank, and is trading just over $1,250/oz Monday morning.
Commerzbank said in its morning briefing that profit taking was likely playing its part in price weakness, with the price rise beforehand "also driven by speculation."
Inflows into SPDR Gold Trust, the world's largest gold-backed exchange-traded product, totaled 5.65 mt for the week ending Friday, the lowest weekly inflow for six weeks, according to data released by the company.
February additions into the fund, which represents nearly half the volume of gold-backed ETFs, totaled 108.04 mt, the largest monthly inflow on record. Additions for 2016 now total 156 mt, higher than 2014 and 2015 outflows combined.
Meanwhile, net long positions in silver were up 6.5% at 49,573 contracts, according to CFTC data, while platinum was down 7.7% at 18,280 contracts and palladium was 57.1% higher at 6,171 contracts.