Gold price slightly under pressure
The price of gold came under stronger pressure yesterday, after the precious metal gained over $ 1,470 during the week. Gold responded to recent US economic data.
Positive US economic data
For example, the US Department of Statistics reported significantly higher unemployment rates in November than expected by analysts. And the consumer confidence of the University of Michigan on Friday afternoon topped the forecasts.
On the US futures market, trading in gold futures was significantly stronger until the beginning of the week. The latest CoT data show the following picture as of 3 December 2019. The net short position of “Commercials” rose 5 percent from a week ago to 322,787 contracts. This was the highest reading since September 24 as part of weekly reporting data. On the other hand, the net long position of the “big speculators” increased by 7 percent to 290,705 contracts.
Big gold positions
The open interest, ie the total of all open gold contracts on the COMEX, increased by 4.74 percent compared to last week to 701,016 contracts. By the close of trading yesterday, then, there was a decline of 1 percent to 694,026 contracts. The price of gold fell 0.25 percent last week to $ 1,460 an ounce (FOREX). That corresponded to 1,320 euros.