The recent surge in gold prices has been blocked, and from the perspective of futures positions, investors have also reduced a large number of long positions.
Speculative long positions in Comex futures fell by 36039 to 131057 positions in the week ended January 12, according to the latest CFCT data.
Over the same period, short positions increased by 2296 to 52823 hands.
Under the circumstances, the net long position in Comex gold fell to 78234 hands, down 36 per cent from the previous month. In fact, this is the lowest level of long positions in gold since May 2019.
Ole Hansen, head of commodities strategy at (Saxo Bank) at Saxo Bank, said investors were worried about the massive decline in long positions in gold as US 10-year Treasury yields rose above 1 per cent and the dollar rebounded.
TD Securities (TD Securities) said that this sell-off in the gold market is likely to continue, but the long-term positive environment has not changed.
"Gold will continue to be under pressure until the actual poor performance of the US real economy subsides positive sentiment in the market."
The good news, however, is that gold ETF has not continued to flow substantially.
Carston Fritsch, precious metals analyst at (Commerzbank), a German commercial bank, said gold ETF investors seemed to see lower gold prices as a buying opportunity.
Global gold ETF holdings increased by nearly 17 tons on Friday.
From the perspective of silver futures positions, investors have a better attitude towards silver.
In that week, Comex silver long positions decreased by 3485 to 69805 hands, while short positions increased by 461 hands to 27861 hands, while net long positions fell to 41944 hands, down 8.5% from the previous month.
