Outstanding speculative demand and worldwide geopolitical doubts pushed COMEX Gold near a 6th month high in mid April 2017. Big speculators and traders sharply increased their net positions in the gold futures markets for a third consecutive week, according to the newest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). COMEX Gold futures approach near $1300 per small amount levels with strong technical cues also playing their part. Technical picture remained extremely upbeat after the counter broke above its 200 day Exponential Moving Average (EMA). MCX Gold futures also extended their break above Rs 29000 levels and hit high above Rs 29400 mark.
The non-commercial futures contracts of Comex gold futures, traded by big speculators and hedge funds, totaled a net position of 155,436 contracts in the data reported through April 4th. This was a weekly gain of 17,616 contracts from the last week which had a total of 137,820 net contracts. Last week’s increase was the third straight week with a rise of over +10,000 bullish bets and has brought the overall net bullish level to its highest standing since November 22nd. For the moment, the commercial trader’s position categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, total a net position of -171,016 contracts last week. This is a weekly change of -18,902 contracts from the whole net of -152,114 c contracts reported the last week.
At the end of March, total assets in gold-backed ETFs and like products stand at 2,251.8t (72.4 moz), up 5.9t from February. These holdings were valued at US$90.1bn, 1% minor than a month earlier. Inflows to European funds counteract a mild decline in North American fund holdings. Lead by increase in Germany and United Kingdom, European funds added 18.3t (+2%) to 941.2t. North American funds shed 11.6t (-1%) to 1,195.9t. Funds in Asia and other regions were basically unchanged at 67.7t and 46.9t, respectively.
In Europe, Germany’s Extra-Gold (the regional biggest) added 2.0t in March to 162.9t, put further space between it and its near rival – UK’s ETFS Physical Gold (148.7t). DB Physical Gold Euro hedges ETC, a new German fund, enjoy the highest growth of all funds for the month. Its holding was 5.2t higher (+22%) to 28.9t. In North America, assets under SPDR Gold share dropped 8.8t (-1%) to 832.3t in March. iShares Gold Trust lost 2.4t to 199.9t. In Asia, China’s Huaan Yifu Gold ETF – the biggest fund in the region – saw its holdings drop 1.5t to 24.9t.
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