COMEX Gold Hits Around One Week High

Published on Nov 03, 2020 11:40

COMEX Gold futures saw a sharp spurt yesterday as soaring global Covid-19 count along with the uncertainty ahead of the US Presidential Election pushed up the metal by nearly 1%. The metal edged up further today to hit a one week high of $1899 per ounce in Asian trades. Meanwhile, the large precious metals speculators cut their net long positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 248634 contracts in the data reported through October 26th 2020. This was a weekly fall of 970 net contracts. The net long positions pulled back from near three month high.