Commodities Buzz: Sharp Increase In Gold Speculative Positions

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) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 115,130 contracts in the data reported through Tuesday May 29th. This was a weekly rise of 24,173 contracts. Speculative positions have rebounded strongly after falling for the previous two weeks. The commercial traders position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -136,689 contracts on the week. This was a weekly drop of -21,114 contracts.