Gold futures open interest declines as speculators reduce positions

Speculators are reducing their positions in the US gold futures market. According to the latest Commitments-of-Traders (CoT) report from the CFTC, open interest fell by 2.6 percent to 396,109 contracts as of October 6, 2026.

Large speculators decreased their net long positions by 3.8 percent to 210,335 contracts. Within this group, managed money traders led the reduction, with net long positions dropping 7.8 percent to 110,987 contracts. Conversely, smaller speculators and 'other reportables' saw slight increases in their net long positions.

In a different outlook, strategists from TD Securities suggest a potential bull market for gold lasting until 2027. They note that Commodity Trading Advisors (CTAs) are covering short positions and highlight renewed inflows into Chinese gold ETFs alongside sustained global ETF demand.