Commodities Buzz: Gold Speculative Longs At Lowest Level In Ten Months

Large precious metals speculators sharply trimmed 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 106,779 contracts in the data reported through Tuesday May 1st. This was a weekly decrease of -29,867 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.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 gain of 29,928 contracts.