CFTC: Speculative Gold Net Longs Fall to Two-Month Low

The drop in speculative gold net longs to a two-month low suggests momentum traders are trimming exposure after a strong run, even as the broader macro backdrop remains supportive. This matters because COMEX positioning is a widely watched gauge of sentiment, and a sustained decline could signal that the speculative bid is fading. Whether this pullback proves a temporary pause or the start of a deeper unwind is the open question.