24 showed money managers increased their speculative gross long positions in Comex gold futures by 9,364 contracts to 126,636.
The gold market managed to recover all of its losses caused by the flash crash earlier in the month.
Analysts at TDS said that they see the potential for higher prices as it appears sentiment among speculative investors is shifting.
” statements coming from the Jackson Hole symposium on Friday suggested that while the central bank would taper, the standard for lifting the Fed Funds rates would be much more stringent, which again suggested low real yields are here to stay for quite a while longer.
Commodity analysts at Société Générale said that although the Federal Reserve committee members continue to talk about reducing bond purchase, the ongoing COVID-19 uncertainty keeps them from providing any effective plans and timelines.
While money managers are once again viewing gold as a safe haven, the silver market is still struggling to find new bullish sentiment.
The disaggregated report showed that money-managed speculative gross long positions in Comex silver futures fell by 133 contracts to 48,094.
Silver’s net length stands at 10,624 contracts, relatively unchanged compared to the previous week.
Copper’s disaggregated report showed money-managed speculative gross long positions in Comex high-grade copper futures fell by 6,924 contracts to 50,793.
Copper’s net length is currently at 12,267 contracts, falling nearly 35% from the previous week.