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Gold bullish bets rose for the sixth straight week

FXStreet (Mumbai) - Gold speculators increased their bullish positions for the sixth straight week last week ahead of the Fed statement, data released by the Commodity Futures Trading Commission showed.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of 6133 contracts to total a net position of +157,434 contracts in the data reported through October 27th. Weekly bullish positions fell by -7,242 contract, but was offset by a larger fall in the weekly bearish positions by -13,375 contracts.

The commercials, hedgers or traders engaged in buying and selling for business purposes, slightly increased their overall bearish positions to a net total position of -165,848 contracts.

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