Commodities Buzz: Gold Speculative Longs Tumble To Ten Month Low

Large precious 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 90,957 contracts in the data reported through Tuesday May 22nd. This was a weekly drop of -1,486 contracts. Speculators have been cutting their gold positions sharply over the past few months. Gold long positions have now declined for four out of the past five weeks and their level currently stands at lowest in around ten months.

Meanwhile, the commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -115,575 contracts on the week. This was a weekly increase of 2,514 contracts from the total net of -118,089 contracts reported the previous week.