Gold bullish positions continue to drop for 7th week - CFTC

According to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday, the hedge funds and money managers continued to slash their bullish bets on the yellow metal for the seventh straight week, marking the first time that the net bullish positions have been under the +100,000 threshold since February 9th 2016.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, of -16,491 contracts from the previous week which had a total of 114,834 net contracts in the data reported during the weekend ended December 27th.

The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -120,967 contracts last week. This is a weekly change of 13,055 contracts from the total net of -134,022 contracts reported the previous week.