The Commodities Futures Trading Commission’s weekly release of Commitment of Traders information shows that gold's net speculative position is at a four-year high.
Gold is trading in the $2,620 range on Monday.
The data, which is released each Friday and reveals data from Tuesday, shows that large speculators are long 310,066 contracts on gold, while commercial accounts have a net short position of 335,127 contracts. Small traders are holding a 25,061-contract long position.
The large speculative accounts jumped nearly 30,000 long contracts compared to last week’s data release, reaching a level not seen since February 2020, heading into the COVID-19 pandemic. Commercial accounts appeared to take the reverse position of the 30,000-contract spike, adding similar contracts to short positions over the past week.
While speculators increased long positions in gold and silver, the white metal’s open interest in long positions rose even higher than gold’s by percentage. Large speculators added 15,000 contracts to a total long position of 74,714.
The dollar gained momentum slightly over the weekend, trading about a quarter percentage point higher.
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