Gold Price Speculators Edged Their Bullish Bets Slightly Higher This Week

London (May 13)  Large metals speculators very slightly raised their bullish net positions in the Gold futures

Monthly: Strong Buy

 markets this week after two down weeks, 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 107,440 contracts in the data reported through Tuesday May 8th. This was a weekly lift of 661 contracts from the previous week which had a total of 106,779 net contracts.

Speculative positions had dropped sharply in the previous two weeks by a total of -56,290 contracts before this week’s small turnaround. The overall bullish level remains just above the +100,000 net contract level for a second consecutive week.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -134,984 contracts on the week. This was a weekly drop of -3,112 contracts from the total net of -131,872 contracts reported the previous week.

SPDR Gold Shares ETF (NYSE:GLD):

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $124.59 which was a gain of $0.88 from the previous close of $123.71, according to unofficial market data.

Investing.com