Gold — Commitment of Traders

Gold is the world's most closely watched safe-haven commodity, traded on COMEX in 100-troy-ounce contracts. The COT report breaks down positions held by large speculators (hedge funds and managed money), commercial hedgers (miners and jewellers), and small traders. Speculator net positioning in gold is a key sentiment gauge: historically extreme net-long readings have preceded corrections, while deeply negative readings have coincided with major lows. Commercials — who are natural sellers of future production — typically sit net short, so their positioning acts as a contrarian anchor. Traders watch the COT Index to see where current speculator positioning ranks against the prior year. A COT Index above 90 signals a crowded long; below 10 signals a capitulation low. Weekly changes in the net position reveal whether momentum is building or fading. Because gold responds to real rates, dollar moves, and geopolitical risk, COT data complements technical and macro analysis by showing whether the futures market is positioned for or against the prevailing narrative.