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Net long gold COMEX positions increase for fifth week to new high: CFTC

Increase font size  Decrease font size Date:2016-07-13   Views:452
Net long gold positions on US commodity exchange COMEX jumped 4.6% to 273,076 contracts in the week to July 5, setting a fresh high since records began in 2006, Commodity Futures Trading Commission data showed Monday.

The bullish money-manager positions have climbed for five weeks, up 67% from the beginning of June, with long positions now above 300,000 contracts.

Short positions totalled 26,995 contracts.

Investor demand has helped gold surge up to 30% this year, the metal setting a new 28-month high Friday of $1,375/oz, before easing to $1,360/oz Monday morning.

Prices are around 0.5% higher in early trade Monday after better-than-expected US employment data saw gold prices slip from their high late Friday.

Investment demand in gold-backed exchange-traded funds continue to show strong support, meanwhile.

The world's largest gold ETF, SPDR Gold Trust, recorded inflows of 27.35 mt for the week ended Friday.

The fund saw 82 mt of additions in June, its second largest monthly inflow this year, with net assets now at its highest level for over three years, at 981 mt.

Net long positions in silver increased 4.3% to a new high of 80,985 contracts, according to CFTC data, as silver prices held above $20/oz Monday.

The metal has performed even better than gold this year, up over 45% since January 1 with investment demand being matched by a strong performance in industrial metal prices in recent weeks.

Platinum positions jumped 47% on the week a seven-week high of 19,845 net long contracts, palladium up 38% to an eight-week high of 6,842 contracts.
 
 
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