COMEX Gold Holds Above $1800 Per Ounce

Published on Jul 13, 2021 11:38

COMEX Gold futures saw good buying in dips yesterday and edged up above $1800 per ounce. Funds are piling up longs in the metal on falling US treasury yields. Large precious metals speculators increased 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). The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 182821 contracts in the data reported through July 5th 2021. This was a weekly jump of 20595 net contracts and pushed up the net longs from two year low. COMEX Gold appears to have stabilized above $1800 per ounce and currently trades up 0.24% at $1810 per ounce.