The gold price held above the $ 1,800 threshold two weeks ago, with more gold futures contracts on the COMEX futures exchange.
Gold price stabilized
The gold price settled above the $ 1,800 an ounce mark two weeks ago. We still experience a sideways movement of the precious metal in this area. However, this was accompanied by a further increase in contracts concluded on the US futures market.
The net short position of the “Commercials” decreased by 0.19 percent to 302,018 contracts. On the other hand, the net long position of the “large speculators” decreased by 1.84 percent to 262,428 contracts. Open interest, the total of all open gold contracts on COMEX, rose to 580,175 contracts for the fifth week in a row. By the close of trading on last Friday, the market rose another 1.3 percent to 587,837 contracts.
Requests for physical delivery of standard 100-ounce contracts traded as of July 17, 2020 were 7,679. In the previous record month of June, a total of 55,102 applications were submitted. The dynamic in this area has recently decreased significantly. COMEX gold inventories totaled 34.13 million ounces as of July 16, 2020. That was around 611,000 ounces more than in the previous week. According to the current stock report, the gold (“eligible”) designated for immediate delivery to futures traders totaled 20.78 million ounces (previous week: 20.35 million ounces).