COMEX Gold Holds Above $1880 Per Ounce

Published on May 25, 2021 14:40

COMEX Gold futures stayed largely supported today, lingering just above $1880 per ounce amid broad weakness in the US dollar. Recent strength in the US equities is capping upside in the metal though. Overall fund buying stays steady. Large precious metals speculators saw a sharp spurt in their net long positions in the Gold futures markets for second 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 198889 contracts in the data reported through May 17th 2021. This was a weekly increase of 6634 net contracts and took net longs to around three month high.