Commodities Buzz: Gold Speculative Longs Soar Near Two Month High

Large metals speculators sharply increased their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 203,354 contracts in the data reported through Tuesday March 27th. This was a weekly surge of 54,623 contracts. With this spurt, the speculative long positions have reversed their recent slide. Overall speculator positions are now at the highest bullish position in nearly two months. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -226,360 contracts on the week. This was a weekly drop of -59,090 contracts.