Speculative interest in U.S. gold futures eased in the latest reporting period, as traders pared back net long positions, according to CFTC data updated on 21 November 2025.
Gold speculative net positions slipped to 232.0K, down from a previous level of 252.9K. The decline suggests that speculative investors have become somewhat less aggressive in their bullish stance on gold, reducing overall net long exposure.
While the data does not explain the drivers behind the move, the shift in positioning may reflect changing expectations around key macroeconomic factors closely watched by gold markets, such as interest rates, inflation trends and the U.S. economic outlook.
