Excellent speculative demand and global geopolitical worries pushed Gold near a six month high in Asia today. Large speculators and traders sharply increased their net positions in the gold futures markets last week for a third consecutive week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday.
COMEX Gold is quoting at $ 1,277.10 per ounce right now, up 0.2 percent on the day. MCX Gold futures are trading at Rs 29,232 per 10 grams, up 0.13 percent on the day as the recent break above Rs 29,000 levels is working in favor of the metal.
The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of 155,436 contracts in the data reported through April 4th.
This was a weekly gain of 17,616 contracts from the previous week which had a total of 137,820 net contracts. Last week’s gain was the third straight week with a rise of over +10,000 bullish bets and has brought the overall net bullish level to its highest standing since November 22nd.
Meanwhile, 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 -171,016 contracts last week. This is a weekly change of -18,902 contracts from the total net of -152,114 contracts reported the previous week.
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