Decrease in gold positions

The number of gold positions decreased essentially as hedge funds and money managers cut the number of their futures and options during last week, according to Commitment of Traders data. Gold market experienced a decline by 21,697 long positions and an increase by 679 short positions; the net cut in position in long contracts was by 13% to 149,256 as compared with 171,632 in previous week. COMEX gold is currently trading at $1720.