CFTC : Gold Speculators Add To Bullish Positions For 5th Week

New York (Feb 2)  GOLD: Large futures traders and gold speculators pushed their overall bullish bets in gold higher for a fifth straight week last week as the gold price hovered around the $1,300.00 level, 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 +188,925 contracts in the data reported through January 27th. This was a weekly change of +26,470 contracts from the previous week’s total of +162,455 net contracts that was registered on January 20th.

The gain in the net speculator positions (+26,470 contracts) was due to an increase in the weekly bullish positions by +15,150 contracts combined with a strong decline in the gold bearish positions by -11,320 contracts.

Gold speculative positions have now risen eight out of the last nine weeks and are at their highest level since at least 2012.

Over the weekly reporting time-frame, from Tuesday January 27th to Tuesday January 13th, the gold price dipped ever so slightly from approximately $1,294.20 to $1,292.90 per ounce, according to gold futures price data from investing.com.

Source: CountingPips