In our new Gold Weekly Snapshot:
From FOMO to heavy profit taking, Gold futures closed the week on a negative note, following better than expected US non-farm payrolls.
- Comex Gold futures lost 2.73% to 2,014.5 per ounce for the week ended, experiencing a lot of volatility.
- Schizophrenic equity market continues to siphon off away money from the precious metals complex as bad news, good news or no news is always a good reason to squeeze the market higher.
- Falling real rates haven’t been supportive to the metal lately.
- Week to-Week open interest decreased by 29,292 lots or 2.9M ounces, as traders reduced their long bets exposure.
- COT report covering the week to Dec 5 showed managed funds trimmed their bullish position by 4.8% (-5,506 lots) to 109,387 contracts. (page 2)
- Trading flow reflected a rise in put buying after gold recorded an all-time-high on Sunday night. (page 3)
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