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  • Pre Session Commentary - Detailed News

Precious Metals Preview: Gold Speculative Long Positions Soar To More Than One Year High
18-Jun-19   09:10 Hrs IST

Large precious metals speculators once again sharply added to their bullish net positions in the Gold futures markets this 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 184,238 contracts in the data reported through Tuesday June 11th. This was a weekly rise of 28,123 net contracts from the previous week which had a total of 156,115 net contracts.

The net speculator positions rose strongly for a second week after rising by a record weekly high last week (+69,427 contracts). Gold net positions have now moved up to the highest point since March 27th of 2018. The commercial traders' position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -202,027 contracts on the week. This was a weekly fall of -29,451 contracts.

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