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Speculative long gold positions hit a monthly high

Major precious metals speculators further increased 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). Gold futures non-commercial futures contracts traded by large speculators and hedge funds had a net position of 190,836 contracts on the data reported through July 12, 2021. This was a weekly gain of 8015 net contracts and increased net long positions to a month high. The position of commercial traders, hedgers or traders buying and selling for business purposes was a net short position of -221028 contracts for the week. This was a weekly change of -6302 net contracts.

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