Gold COT Positioning
How large traders are positioned in Gold futures, straight from the weekly CFTC Commitments of Traders report. Updated within minutes of every Friday release.
What the positioning says
Managed money is net long 136,771 contracts and trimmed that long position over the past week. That leaves positioning at the 64th percentile of its 52-week range — with room to move before it reaches an extreme.
WAVG reads this the same way every week across every market, names the factors behind the bias, and flags when positioning reaches an extreme that has historically preceded a turn.
What moves gold positioning
Gold futures are traded by three main groups: managed money (hedge funds and CTAs that trade the trend), producers and merchants (miners and physical dealers who hedge future output, and are therefore structurally short), and swap dealers who intermediate between them. Managed money is the group to watch — its net position swings with the macro backdrop.
What drives it: real interest rates (gold pays no yield, so rising real rates usually pull funds out), the US dollar, and demand for a safe haven when risk sentiment sours. Central-bank buying and inflation expectations set the longer-term tone. When managed money reaches a positioning extreme, gold has often been near a turning point.
This week's report
| Trader group | Long | Short | Net |
|---|---|---|---|
| Managed money | 149,721 | 12,950 | +136,771 |
| Producers & merchants | 17,444 | 48,733 | −31,289 |
| Swap dealers | 17,798 | 251,227 | −233,429 |
Contracts held long, short and net as of Sep 1, 2026 (published Sep 4, 2026). Source: CFTC.
See the full Gold analysis
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