US CFTC data shows net positions in gold for non-commercial traders rose to 162.5k. The previous level was 156.3k.
The increase equals 6.2k net positions. The figures refer to the latest reporting period in the CFTC release.
Gold Speculative Positioning Builds
We are seeing a notable increase in bullish bets on gold, with speculative net long positions rising to $162.5K. This shows that large traders are increasingly confident that prices will continue to climb. This build-up in positioning suggests we should be prepared for upward momentum in the coming weeks.
This sentiment is supported by the latest economic data from March 2026, which showed the Consumer Price Index (CPI) was stickier than expected at 3.1%. This persistent inflation is causing the Federal Reserve to signal a delay in any potential interest rate cuts. An environment of high inflation and economic uncertainty typically benefits non-yielding assets like gold.
We are also seeing strong underlying support from official sources. Data for the first quarter of 2026 confirmed that global central banks continued their aggressive buying, adding over 200 tonnes to their reserves. This consistent demand, reminiscent of the accumulation trend we saw throughout 2025, provides a solid price floor.
For derivative traders, this suggests that buying call options or establishing bull call spreads on gold futures could be a prudent strategy. This approach allows us to capitalize on the expected price appreciation while managing risk. The current market action feels more decisive than the range-bound trading we observed in the latter half of last year.
Dollar Watch For Gold Upside
While a hawkish Fed can strengthen the US dollar, which is typically a headwind for gold, the dollar has struggled to break past its 2025 highs. Any sign of the dollar softening would likely serve as a powerful catalyst for the next move up in gold. We should therefore monitor the currency markets closely for an entry signal.
