Gold COT Report
Live CFTC Commitments of Traders positioning for Gold futures — commercial hedgers versus managed money. Latest report: September 15, 2026.
By RetailVest Researchsourced from CFTCupdated
Positioning signal
extreme_long
Large specs at extreme long position — contrarian bearish
Z-score (vs 3yr)
1.67
92.3th percentile
Open interest
409,899
-1,328 WoW
In plain English
Speculators lean bullish on Gold, but positioning isn't at an extreme yet — there's still room for the trend to run before the crowd gets over-committed.
Who's positioned where
Commercials (hedgers)
-261,721
net · 56,417 long / 318,138 short
Managed money (specs)
+230,338
net · 258,059 long / 27,721 short
Commercial net — last 6 months
What this means for Gold
The CFTC's weekly report splits Gold futures positions into — producers and users hedging real exposure — and , the speculators taking the other side. Commercials are net short here, while specs are net long. Research on hedging pressure finds that when commercial hedgers are unusually net-short, it has historically preceded positive returns — so the (currently 1.67) matters more than the raw number.Gold ultimately trades on real yields, the U.S. dollar, and safe-haven demand, and positioning is one input among those fundamentals.
Educational analysis, not investment advice. Positioning is descriptive and can stay extreme for long stretches.
Trade Gold without futures — ETF proxies
Liquid ETFs that track Gold. Same idea, no margin account required.
Leveraged/inverse ETFs (amber) reset daily and decay over time — for short holds only. Not investment advice.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.