Gold bullish bets dropped for the first time in 6 weeks

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The data released by the US Commodity Futures Trading Commission (CFTC) showed the speculators reduced their gold bullish positions last week after pushing bets higher for the previous five weeks.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of -13,392 contracts to total a net position of +59,293 contracts in the data reported through September 8th. Weekly bearish positions rose by 14,254 contracts, while the weekly bullish positions rose by 862 contracts.

The commercials (hedgers or traders engaged in buying and selling for business purposes) cut back on their overall bearish positions to a net total position of -55,979 contracts through September 8th.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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