29-Oct-2024
COMEX gold futures continue to hover around record high levels on Tuesday morning in Asia as dollar sees a slight pull back but stays firm above 104 mark ahead of crucial data. Investors turned cautious ahead of job opening and labor turnover data, advance estimate for GDP growth, PCE inflation and nonfarm payrolls that could shed light on the path for Federal Reserve policy. The yellow metal is currently quoting at $2763.80 an ounce, up 0.29% on the day. The non-commercial futures contracts of Gold futures, traded by large speculators, hedge funds and retailers, totaled a net position of 296204 contracts in the data reported through 22 October, 2024, up 9770 contracts from the previous week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC). The net longs are now at three week high.
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