Record bullish speculative interest from hedge funds has helped push gold to an all-time high above $2,200 an ounce, according to a report by Kitco, citing the latest data from the Commodity Futures Trading Commission (CFTC).
The gold market is now net long 109,763 contracts, jumping 95% from last week, with many managers increasing their speculative gross long positions in Comex gold futures by 41,221 contracts to 145,106, while simultaneously cutting short positions by 12,389 contracts to 35,343, according to the CFTC’s disaggregated commitments of traders report for the week ending 5 March.
During the report period, gold prices hit to $2,150 an ounce before strengthening further, with April gold futures briefly rising above $2,200 an ounce last week.
Bullish hedge fund bets on gold now stand at the highest level ever seen, although the overall net position is the second-biggest on record, just behind the significant short-covering seen in early June 2019.
