Kitco News' general-interest stories takes a look at what is making headlines in the marketplace and how that is impacting precious metals prices
- Volatility surrounding the Federal Reserve’s monetary policy continues to dominate the precious metals market as hedge funds were caught on the wrong foot and were unable to squeeze gold and silver prices through critical resistance levels.
The CFTC's disaggregated Commitments of Traders report for the week ending Aug. 29 showed money managers increased their speculative gross long positions in Comex gold futures by 15,524 contracts to 120,609. At the same time, short positions fell by 14,609 contracts to 81,367. Carsten Fritsch, precious metals analyst at Commerzbank, said in a research note that bullish positioning in the gold market increased fourfold from the previous week.
Although the gold market is struggling to find its footing as stubborn inflation is putting pressure on the Federal Reserve to maintain its tightening stance, some analysts still see potential for gold as bearish positioning remains elevated. The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures rose by 6,980 contracts to 43,477. At the same time, short positions fell by 8,116 contracts to 26,998.
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