Gold Long Positions Slashed as Funds Flock to Crude Oil and Corn

The latest CFTC position report, released on September 5, shows significant changes in speculative funds' positions across various assets.

Gold long positions were slashed by 10,000 contracts, with net longs falling to 140,811. Silver and copper also saw reductions in net longs, down to 12,170 and 73,000 respectively.

In contrast, crude oil net longs continued to increase, rising to 118,894 after a gain of 15,816 contracts. Natural gas shorts expanded simultaneously, with net shorts increasing by 11,098 contracts to 50,697.

Agricultural commodities saw an overall increase in net longs, with corn, soybeans, and raw sugar trading actively. Corn net longs increased by nearly 69,000 contracts, while soybean net longs rose by about 25,000.