Gold Speculators Slightly Cut Back On Net Bullish Positions Last Week

San Francisco (Jan 24)  Gold speculator and large futures traders slightly edged their gold bullish positions lower last week following rises in the previous two 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +43,694 contracts in the data reported through January 19th. This was a weekly change of -1,024 contracts from the previous week’s total of +44,718 net contracts that was registered on January 12th.

The decline in the weekly net speculator positions (-1,024 net contracts) was due to a fall in the weekly bullish positions by -335 contracts that combined with a gain in the weekly bearish positions by 689 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) reduced their overall bearish positions to a net total position of -40,143 contracts through January 19th. This was a weekly change of +3,442 contracts from the total net position of -43,585 contracts on January 12th.

GLD ETF:

Over the weekly reporting time-frame, from Tuesday January 12th to Tuesday January 19th, the price of the (N:GLD) Gold ETF, which tracks the gold spot price, fell from approximately $104.21 to $103.98, according to ETF price data of the SPDR Gold Trust ETF (GLD).

Source: Investing.com