Gold bullish bets rise for the second consecutive week

FXStreet (Mumbai) - As per the data released by the Commodity Futures Trading Commission (CFTC) gold speculators continued to increase their overall bullish bets for the second consecutive week to the highest since August.

The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds rose by 6341 contracts to 122,178 contracts in the week ended January 6th. Gold speculative positions are now at their highest level since August 19th when positions equaled 137,976 contracts.

Gold prices had gained from USD 1200/Oz to USD 1219.40/Oz during the reporting time period of December 30th to January 6th.