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Gold net bullish positions dropped for a second week

FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission (CFTC) showed speculators reduced their gold bullish positions for a second straight week, taking them to the lowest level in five weeks.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of -19,746 contracts to total a net position of +39,547 contracts in the data reported through September 15th. The weekly bullish positions fell by 9,390 contracts, while the weekly bearish positions rose by 10,356 contracts.

The commercials (hedgers or traders engaged in buying and selling for business purposes) decreased their overall bearish positions for a second week to a net total position of -32,979 contracts through September 15th.

Gold currently trades largely unchanged around USD 1138/Oz levels.

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