CFTC reports drop in COMEX gold buy contracts
The U.S. Commodity Futures Trading Commission reported that gold traders on the COMEX reduced their long positions by 3,741 contracts over the week, bringing the total to 111,079 contracts. The data also showed that silver traders on the New York Mercantile Exchange decreased their long positions by 1,874 contracts, with the total dropping to 5,735 contracts during the same period. This decline is attributed to escalating expectations of an interest rate hike in the United States, which led to a decline in the prices of both metals throughout the week.
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