Gold Races To Five Week High, Fund Buying Stays Elevated

Published on Apr 18, 2022 16:31

COMEX Gold futures hit five week high, approaching near $2000 per ounce mark on firm demand trends. MCX Gold futures moved up above Rs 53000 per 10 grams. The escalation in the Russia-Ukraine warfare could cap losses for the metal. 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 254287 contracts in the data reported through 12 April 2022. This was a weekly rise of 8746 net contracts and net longs near 14 month high yet again. The commercial traders` position, hedgers or traders engaged in buying and selling for business purposes, totaled a net short position of - 288093 contracts on the week. This was a weekly change of -9335 net contracts.