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According to the latest data from the Commodity Futures Trading Commission (CFTC), the rising uncertainty about the monetary policy of the US Central Bank has prompted some hedge funds to return to the gold market.
Despite the fact that Fed Reserve Chairman Jerome Powell recently announced the imminent publication of his plans to reduce monthly bond purchases by the end of the year, some analysts believe that this is unlikely.
The CFTC's disaggregated report for the week on traders ' obligations showed that financial managers at Comex increased their speculative long positions on gold futures by 9,919 contracts, to 136,555. At the same time, short positions increased by 3,686 contracts, to 54,878 contracts.
Gold's net length now stands at 81,677 contracts, which is 8% more than in the previous week.
Investors also increased their long positions in response to signals coming from Fed Chairman Powell, who said that the US Central Bank has no serious concerns about inflation, and this implies that there is no significant removal of incentives.
But despite Powell's announcement, some financial managers have added short positions. In addition, the yield of Treasury bonds increased, as a result of which the price collapsed.
As long as hedge funds are obsessed with gold, the silver market remains weak. Nevertheless, some analysts point out that silver has more bullish potential.
A detailed report showed that on Comex, speculative long positions on silver futures increased by 914 contracts, to 49,008. At the same time, short positions fell by 735 contracts, to 36,735 contracts.
Silver's net length is 12,273 contracts, up 15% over the previous week.
Along with the precious metals market, non-ferrous metals seem to be creating a solid foundation as hedge funds abandon their bearish trades.
A detailed Copper report showed that speculative long positions on high-quality copper futures on Comex increased by 7,396 contracts, to 58,189 contracts. At the same time, short positions declined by 11,305 contracts, to 27,221.
Copper's net length is currently 30,968 contracts, up 152% from the previous week.
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