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Fund managers are sharply cutting their long positions in gold

Major precious metals speculators drastically reduced their net long positions in gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The non-commercial futures contracts of gold futures traded by large speculators and hedge funds had a net position of 2060 contracts on the data reported through September 6, 2021. This was a weekly decrease of 10511 net contracts and decreased net longs from six month high. The position of commercial traders, hedgers or traders buying and selling for business purposes was a net short position of -235,808 contracts for the week. This was a weekly change of 4,704 net contracts.

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