Gold Speculators Raised Their Bullish Bets For A 2nd Week

New York (Nov 3)  Gold Non-Commercial Speculator Positions: Large precious metals speculators boosted their bullish net positions in the Gold Futures markets this 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 Gold futures, traded by large speculators and hedge funds, totaled a net position of 276,515 contracts in the data reported through Tuesday October 29th. This was a weekly rise of 17,383 net contracts from the previous week which had a total of 259,132 net contracts.

The week’s net position was the result of the gross bullish position (longs) increasing by 12,506 contracts (to a weekly total of 335,423 contracts) while the gross bearish position (shorts) fell by -4,877 contracts for the week (to a total of 58,908 contracts).

Gold speculators added to their bullish bets for a second straight week and for the third time in four weeks. The gold position has remained steady above the +250,000 net contract level for fifteen straight weeks with a recent high of +312,444 contracts on September 24th and a recent low of +253,027 contracts on October 15th.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -301,216 contracts on the week. This was a weekly decline of -5,859 contracts from the total net of -295,357 contracts reported the previous week.

Gold Futures:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the Gold Futures (Front Month) closed at approximately $1490.70 which was a boost of $3.20 from the previous close of $1487.50, according to unofficial market data.

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