Gold was trading at $3,898.34 an ounce at 00:34 GMT on 2 November 2026, close to its lowest level over the past 31 days. Over that period the metal’s high was $4,198.14 and its low was $3,876.73, so the current price sits just above the bottom of that range.
Speculative positioning
Data from the Commodity Futures Trading Commission shows speculators held a net long position of 186,451 gold contracts in the report dated 27 October 2026. A week earlier the same position stood at 199,865 contracts, meaning it shrank by 13,414 contracts over the period. Net long positions indicate how many more contracts speculators hold on the buy side than on the sell side, so a smaller figure means fewer of them are betting on higher prices.
The reduction in speculative longs came as the price sat near its 31-day low, though the CFTC figures and the spot price are separate measurements and the data does not establish a link between them.
Source: CFTC | Data: Swissquote
