FXStreet (Mumbai) – The latest data released by the Commodity Futures Trading Commission showed speculators reduced their gold bullish positions sharply last week for a fourth straight week and pushed bullish speculative positions to the lowest level since December of 2013.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of -19,545 contracts to total a net position of +28,279 contracts in the data reported through July 21st. Weekly bullish positions fell by 3,294 contracts while the bearish positions witnessed a large increase of 16,251 contracts.
The commercial positions, hedgers or traders engaged in buying and selling for business purposes, fell for the fourth week to a net total position of -21,584 contracts through July 21st.
The metal currently trades 1.57% higher at USD 1103.10/Oz levels.
(Market News Provided by FXstreet)