CFTC: COMEX gold net longs fall to 4-week low

The pullback in speculative gold positioning suggests traders are trimming bullish exposure after a recent run, though the level remains comfortably above multi-month lows. The simultaneous softening in copper longs points to a broader risk-off tone across metals, not just a gold-specific shift. With palladium shorts also easing, the data hints at a market recalibrating expectations rather than a decisive directional bet. The key question is whether this de-risking continues into the next CFTC window, which would signal sustained caution, or if it reverses on fresh macro cues.