Gold Price Speculators Edged Their Bullish Bets Slightly Higher This Week

May 13, 2018

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.

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