Gold speculators raised bullish bets for first time in 6-weeks

By FXStreet FXStreet (Mumbai) – Speculators increased their bullish bets on Gold for the first in six weeks during the week ended December 8th, the latest data from the Commodity Futures Trading Commission showed.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of +9,873 contracts to total a net position of +19,623 contracts. The long positions rose by 3,972 contracts, while the bearish positions fell by -5,901 contracts. The commercials (hedgers or traders engaged in buying and selling for business purposes) raised their overall bearish positions to a net total position of -13,997 contracts through December 8th.

The metal is trading 0.5% lower on the day around USD 1070.70/Oz levels. The uptick in the bullish may be short lived since the traders could have squared off the same last week in anticipation of a rate hike at Dec 16th meeting.
For more information, read our latest forex news. …read more

Source:: FX Street