Gold Price Speculators Sharply Dropped Bullish Bets To Lowest Since July

New York (May 6)  Large precious metals speculators sharply cut back on 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 106,779 contracts in the data reported through Tuesday May 1st. This was a weekly decrease of -29,867 contracts from the previous week which had a total of 136,646 net contracts.

The speculative position has declined for four out of the past five weeks and brought the overall level to the lowest bullish position since July 25th of 2017 when net positions totaled +90,831 contracts. Speculators have reduced their bullish positions by at least -26,000 contracts in each of the last two weeks and by a total of -56,290 contracts over that time span.

Gold Commercial Positions:

The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -131,872 contracts on the week. This was a weekly uptick of 29,928 contracts from the total net of -161,800 contracts reported the previous week.

GLD (NYSE:GLD) ETF:

Over the same weekly reporting time-frame, from Tuesday to Tuesday, the GLD ETF, which tracks the price of gold, closed at approximately $123.71 which was a drop of $-2.52 from the previous close of $126.23, according to unofficial market data.

Investing.com