Speculators raised bullish bets on Gold

FXStreet (Mumbai) - As per the data released by the US Commodity Futures Trading Commission (CFTC), speculators increased their bullish bets on Gold sharply last week for a second straight week.

During the reporting time period - May 12th to May 19th – the on-commercial futures contracts of Comex gold futures witnessed a weekly change of +45,181 contracts to total a net position of +122,621 contracts. The weekly bullish positions rose by +22,933 contracts, while the bearish positions fell by -22,248 contracts.

Meanwhile, during the reporting time period, Gold prices strengthened roughly from USD 1192/Oz to USD 1206.70/Oz.