Commodities Buzz: Gold Speculative Longs Continue To Fall

Large metals speculators continued to trim 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 92,443 contracts in the data reported through Tuesday May 15th. This was a weekly drop of -14,997 contracts from the previous week. Speculative bullish positions have declined for three out of the past four weeks. Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -118,089 contracts on the week. This was a weekly gain of 16,895 contracts from the total net of -134,984 contracts.