Weekly Large Trader COT Report: Gold
Gold speculative positions dropped last week
GOLD Non-Commercial Positions:
Gold speculator and large futures traders sharply reduced their gold bullish positions last week following six weeks of gains, 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 Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +116,342 contracts in the data reported through November 3rd. This was a weekly change of -41,092 contracts from the previous week’s total of +157,434 net contracts that was registered on October 27th.
The drop in the weekly net speculator positions (by -41,092 net contracts) was due to a contraction in the weekly bullish positions by -31,201 contracts that combined with a gain in the weekly bearish positions by 9,891 contracts.
Gold Commercial Positions:
In the commercial positions for gold on the week, the commercials (hedgers or traders engaged in buying and selling for business purposes) trimmed their overall bearish positions to a net total position of -124,988 contracts through November 3rd. This was a weekly change of +40,860 contracts from the total net position of -165,848 contracts on October 27th.
GLD ETF:
Over the weekly reporting time-frame, from Tuesday October 27th to Tuesday November 3rd, the price of the (N:GLD) Gold ETF , which tracks the gold spot price, declined from approximately $111.68 to $106.98, according to ETF price data of the SPDR Gold Trust ETF (GLD).
*COT Report: The weekly commitment of traders report summarizes the total trader positions for open contracts in the futures trading markets. The CFTC categorizes trader positions according to commercial hedgers (traders who use futures contracts for hedging as part of the business), non-commercials (large traders who speculate to realize trading profits) and nonreportable traders (usually small traders/speculators).
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