Weekly Large Trader COT Report: Gold
New York (Apr 3) Gold speculator and large futures traders boosted their gold bullish positions higher last week for a second consecutive 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 +189,806 contracts in the data reported through March 29th. This was a weekly change of +10,975 contracts from the previous week’s total of +178,831 net contracts that was registered on March 22nd.
The rise in the weekly net speculator positions (+10,975 net contracts) was due to a gain in the weekly bullish positions by 3,436 contracts that combined with a decrease in the weekly bearish positions by -7,539 contracts.
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) increased their overall bearish positions for a second week to a net total position of -207,964 contracts through March 29th. This was a weekly change of -7,970 contracts from the total net position of -199,994 contracts on March 22nd.
Over the weekly reporting time-frame, from Tuesday March 22nd to Tuesday March 29th, the price of the (GLD) Gold ETF (NYSE:GLD), which tracks the gold spot price, dipped from approximately $119.31 to $118.76, according to ETF price data of the SPDR Gold Trust ETF (GLD).