Speculators Return as Buyers to Gold Market

"Speculators add to their net-long positions in precious metals and copper markets."

After fleeing the gold market for several weeks, speculators returned as buyers to gold, adding to their net-long futures and options combined positions, according to U.S. government data released late Friday.

Speculators continued to add to their net-long positions in other precious metals and copper markets, as reported in the Commodity Futures Trading Commission's weekly commitment of traders data for the week ended Feb. 8.

The return of speculators buying gold futures and options ends a five-week decline in the net-long position in both the legacy and disaggregated reports compiled by the agency.

Prices for all metals rose during the reporting time frame, which ran from Feb. 1-8. Unrest in Egypt helped fuel the rise in prices and encouraged funds to return to all the precious metals.

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