Analysts have noted that interest in gold has suffered since the start of the year as investors see significant momentum in other commodities.
CFTC disaggregated Commitments of Traders report for the week ending April 27 showed money managers increased their speculative gross long positions in Comex gold futures by only 301 contracts to 117,144.
Gold’s net length currently stands at 50,651, down 10% from the previous week.
“While institutional outflows continue to weigh on the yellow metal, as nominal rates increasingly discount the singular reflation trade’s impact, the Fed’s commitment to ‘Average Inflation Targeting’ could argue for a period of time in which policy remains zero-bound but inflation overshoots.
The disaggregated report showed money-managed speculative gross long positions in Comex silver futures rose by 2,790 contracts to 64,769.