Precious Metals Preview: Speculators Sharply Cut Bullish Positions Gold

Large precious metal speculators sharply cut 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) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 166,589 contracts in the data reported through Tuesday April 3rd. This was a weekly drop of -36,765 contracts. The gold speculative position has now declined for seven out of the past ten weeks. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -188,865 contracts on the week. This was a weekly increase of 37,495 contracts.