Commodities Buzz: Gold Speculative Longs Continue To Drop

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 111,416 contracts in the data reported through Tuesday June 5th. This was a weekly drop of -3,714 contracts. Speculative positions declined for the third time 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 -134,347 contracts on the week. This was a weekly gain of 2,342 contracts from the total net of -136,689 contracts reported the previous week.