US CFTC gold non-commercial net positions slipped marginally, easing from 160k to 159.9k

    by VT Markets
    /
    Feb 21, 2026
    US CFTC data shows that gold net positions for non-commercial traders slipped from 160K to 159.9K. That is a 0.1K drop in the latest report.

    Gold Positioning Signals Market Pause

    The latest data shows net long positions held by large speculators in gold futures are basically flat, edging down to 159,900 contracts. This suggests major traders are unsure about the next move. They are not adding new bullish bets, but they are not selling existing ones either. It looks like the market is pausing, likely while waiting for a key economic release. This makes sense given recent U.S. data. January’s Consumer Price Index, released last week, showed inflation at 3.2% year over year. That was slightly above the 3.1% forecast and keeps inflation on the Federal Reserve’s radar. Many traders may wait for clearer guidance from Fed officials before placing bigger bets on gold in the weeks ahead. A strong labor market is also a headwind for gold. The January jobs report showed 215,000 new jobs, while unemployment stayed low at 3.6%. This strength gives the Fed room to keep policy steady, which can limit gold’s upside for now. As a result, gold remains sensitive to moves in the U.S. Dollar Index, which has been trading in a narrow range. We saw a similar setup in Q3 2025. Speculative positioning was quiet, then gold jumped after unexpected geopolitical tensions. The market is calm again, but derivatives traders may want to consider strategies that benefit if volatility rises. Flat positioning can mean the market is building energy for a larger move once a clear catalyst appears.

    Possible Volatility Ahead

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