Gold Market Futures Speculators Cut Bullish Bets Once Again

Investing.com reported that according to the latest Commitment of Traders data, gold market futures speculators reduced their overall bullish bets last week “for a second straight week … and by the highest weekly amount since May.”

As quoted in the market news:

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, totaled a net position of +121,463 contracts in the data reported through August 5th. This was a weekly change of -17,690 contracts from the previous week’s total of +139,153 net contracts that was registered on July 29th.

The fall in the overall net speculator positions (-17,690) last week was due to a decrease in the weekly bullish positions by 12,594 contracts and an increase in the bearish positions by 5,096 contracts. Last week’s decline in bets marked the largest weekly shortfall for gold speculators since May 27th when positions fell by 23,100 contracts.

Click here to read the full Investing.com report.