Gold COT Report
Live CFTC Commitments of Traders positioning for Gold futures — commercial hedgers versus managed money. Latest report: June 9, 2026.
Positioning signal
bearish
Specs adding shorts (with room to grow)
Z-score (vs 3yr)
-0.26
69.2th percentile
Open interest
332,709
+6,657 WoW
Who's positioned where
Commercials (hedgers)
-201,036
net · 58,986 long / 260,022 short
Managed money (specs)
+173,837
net · 207,984 long / 34,147 short
Commercial net — last 6 months
What this means for Gold
The CFTC's weekly Commitments of Traders report splits Gold futures positions into commercials — producers and users hedging real exposure — and managed money, 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 z-score (currently -0.26) 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.
Other COT reports
New to this? Read how to read the COT report or see the evidence behind hedging-pressure.