Gold Net Long Positions Decline as Speculative Momentum Cools per CFTC Report

Key Facts

In a move reflecting a shift in investor risk appetite, recent data showed a decline in buying momentum for the precious metal. According to the Commodity Futures Trading Commission (CFTC) report, US gold net non-commercial long positions fell from 171.6K to 159.8K. This reduction of approximately 11.8K contracts indicates a cooling of speculative bullish sentiment among major market participants.

This decline comes as markets face dual pressure from rising US Treasury yields, which increase the opportunity cost of holding non-yielding gold, alongside cautious optimism regarding the US-Iran peace draft negotiations. Compared to other precious metals, Silver (XAG) has seen similar volatility as investors closely monitor Federal Reserve policy directions, per market data.

Traders should watch key technical support levels for gold following this drop in speculative positioning, especially as bond yield volatility persists. Looking at the economic calendar, attention turns to Canadian inflation data and the RBA meeting minutes scheduled for May 19, 2026, which may provide further clues on global interest rate paths and their direct impact on gold's safe-haven appeal.