Gold bullish bets fell to lowest level since March

FXStreet (Mumbai) - As per the data released by the Commodity Futures Trading Commission (CFTC), the speculative positions fell sharply last week as the bullish bets on Gold declined to the lowest level since March.

The non-commercial futures contracts of Comex gold futures saw a weekly change of -28,817 contracts, to total a net position of +72,440 contracts. The bullish positions fell by 16,824 contracts, while the bearish positions increased by 11,993 contracts. Net speculative positions are now at the lowest level since March 24th when positions equaled +54,281 contracts.

Meanwhile, during the reporting time period - April 28th to Tuesday May 5th - gold price fell from approximately USD 1,213.90 to USD 1,193.20/Oz.