(Kitco News) – Bearish speculative investors continue to hold the gold market in a death grip and are in complete control of the price action, according to the latest trade data from the Commodity Futures Trading Commission (CFTC).
While analysts continue to wait for the ever-elusive short squeeze to breathe new life in the yellow metal, the market’s speculative short side continues to expand hitting new historical record on a weekly basis. Net speculative short positions have increased for seven consecutive weeks.
“Speculative financial investors remain the primary factor weighing on the gold price. In the last reporting week alone, they sold 53.5 tons of gold via the futures market,” said analysts from Commerzbank. “Selling since the end of June now totals almost 260 tons – equivalent to nearly a month’s worth of global gold mining production.”
The CFTC’s disaggregated Commitments of Traders report, for the week ending Aug. 14, showed money managers decreased their speculative gross long positions in Comex gold futures by 1,046 contracts to 104,803. At the same time, short bets rose by 16,162 contracts to 188,127.
Gold’s net-short positioning currently stands at 83,324contracts, a 26% increase from the previous week. During the survey period, gold prices continued to test critical support at $1,200 an ounce.
Read more via Gold Bears Not Letting Up; No Low In Sight As Prices Remain Below $1,200 | Kitco News
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In trading on Wednesday, precious metals shares were relative laggards, down on the day by about 5.1%. Helping drag down the group were shares of Tanzanian Royalty Exploration ( 
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By Apeksha Nair
BENGALURU, July 13 (Reuters) - Gold prices were muted on
Friday, stuck in a tight trading range, as the dollar extended
rally from the previous session when strong U.S. inflation data
and trade war concerns boosted demand for the greenback.
Spot gold was down 0.1 percent at $1,245.54 an ounce,
as of 0652 GMT. For the week, the metal was down 0.7 percent.
U.S. gold futures for August delivery slipped 0.1
percent to $1,245.50 an ounce.
"The dollar has been a prime mover of gold prices...Market
sentiments have been largely positive on the greenback as
investors pivoted from the safe haven asset despite rising
geopolitical risks," said Benjamin Lu, a commodities analyst at
Singapore-based broker Phillip Futures, in a note.
The dollar was buoyant near a 10-day peak versus a basket of
currencies on Friday, supported by Treasury yields that edged
higher on expectations the U.S. inflation rate will rise.
U.S. consumer price data on Thursday showed a steady buildup
of inflation that could keep the Federal Reserve on a path of
gradual interest rate increases.
A stronger dollar and higher U.S. rates reduce demand for
non-interest bearing gold as the metal becomes more expensive
for holders of other currencies.
Elsewhere, the European Central Bank will keep rates at a
record low for as long as needed to raise inflation, minutes of
the bank's latest meeting showed.
Meanwhile, Most Asian share markets rose on Friday, but
China's markets wobbled as investors braced for the impact of
broadening, tit-for-tat Chinese-U.S tariffs.
The United States and China could reopen talks on trade but
only if Beijing is willing to make significant changes, U.S.
Treasury Secretary Steven Mnuchin said on Thursday.
"The trade war issue is still creating a lot of uncertainty.
If the situation continues and we're not seeing any real
movements in gold prices because of it, we might see prices
actually move lower," said Cameron Alexander, an analyst with
Thomson Reuters-owned metals consultancy GFMS.
In a recent interview with Kitco News, Ronald-Peter Stoeferle, fund manager at asset-management firm Incrementum AG and author of last month’s latest 
