As per the data released by the Commodity Futures Trading Commission (CFTC), speculators sharply reduced gold bullish positions last week and decreased their overall bullish bets for a third straight week.
The non-commercial futures contracts of Comex gold futures witnessed a weekly change of -29,320 contracts to total a net position of +75,090 contracts during the reporting time period - June 2nd to June 9th. The weekly bearish positions rose by 21,834 contracts that combined with a decrease in the weekly bearish positions by 7,486 contracts.
Meanwhile, during the reporting time period, gold price dropped from approximately USD 1,194.40/Oz to USD 1,177.60/Oz
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