Commodities Buzz: Gold Speculative Longs Drop For First Time In Six Weeks

Large precious metals speculators cut their bullish net positions in the Gold futures markets in the first data release for January, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The latest COT data is from early in January due to the government shutdown which stopped the releases. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 99,216 contracts in the data reported through Tuesday January 8th. This was a weekly drop of -24,556 net contracts from the previous week.

The net speculative position had risen for five straight weeks before this pull back. The commercial traders’ position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -121,187 contracts on the week. This was a weekly rise of 23,427 contracts from the total net of -144,614 contracts reported the previous week.