Speculative net long positions in gold signifiantly rise

The appreciation of the US currency drove gold in euro terms up to a five-week high of over €1,030 per troy ounce for a time, though it has also come under pressure this morning and is trading below €1,020 again. 

The gold price has stopped climbing and has fallen this morning to below $1,140 per troy ounce. This was because of the renewed upward revision of the second-quarter GDP figure in the US and the firmer US dollar. 

According to the CFTC's data on the positioning of speculative market participants, net long positions in both gold and silver were increased significantly in the week to 22 September. In the case of gold, they were more than doubled to 20,800 contracts, while net long positions in silver were even expanded by 12,700 to 15,000 contracts.

"In view of the very sharp increase in net long positions, however, more pronounced price increases might have been expected", says Commerzbank.