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Gold COT Report: institutional positioning in XAUUSD

See how funds, swap dealers and producers changed their gold futures exposure. Long and short contracts, weekly changes and historical context, without confusing a hedge with a directional bet.

Positions as of Oct 13, 2026 · Released Fridays 15:30 ET · Source: CFTC

Latest report · Tuesday snapshot

This week in 30 seconds

Big funds are still buyers, but they took some profit this week.

  • Big funds

    Leaning to selling

    They hold 124,747 buy contracts against 17,658 sell contracts. This week buy contracts fell by 2,354 and sell contracts rose by 1,544, so their net buying decreased by 3,898.

  • Banks & producers

    Leaning to buying

    These groups usually sit on the sell side to protect physical gold and client positions. This week their sell contracts fell by 3,098 (closing old sells, not new selling). Net change +1,996.

  • Money in the market

    Money entering

    Total open contracts went from 396,109 to 396,345 (+236). New money entered the market: fresh positions were opened.

What it means

The large buyers have not turned bearish. They are trimming a big position. Pullbacks can happen while the bigger trend stays intact. This is weekly background, released three days late. It is never an entry signal.

Weekly positioning · 2026-10-13

Are institutions adding or reducing gold exposure?

Funds & money managers · weekly change

Fewer longs, more shorts

Long positions decreased by 2,354; short positions increased by 1,544. Net exposure shifted toward the short side by 3,898 contracts.

They still hold more long than short contracts. The position held and its weekly change are different measurements.

This report does not identify individual banks or market makers, physical gold purchases, or motives. Swap dealer and producer positions often reflect hedging. A weekly increase in net longs can come from closing shorts, not just adding longs.

Compared with 2026-10-06 · Contracts, not traders or orders · Net change -3,898

Funds & money managers

Hedge funds and commodity trading advisors

Long contracts
124,747-2,354 vs prior report
Short contracts
17,658+1,544 vs prior report
87.6% long12.4% short
Net (long − short)+107,089

-3,898 net change

Fewer longs, more shorts

Interpretation & methodology

Long positions decreased by 2,354; short positions increased by 1,544. Net exposure shifted toward the short side by 3,898 contracts.

Speculative exposure, not a forecast or a record of individual fund decisions.

Spreading: 33,557 contracts (+2,161 vs prior report). These offsetting positions are excluded from the directional ratio and net.

Swap dealers

Dealers intermediating swaps, including some banks

Long contracts
13,976-628 vs prior report
Short contracts
238,070-1,560 vs prior report
5.5% long94.5% short
Net (long − short)-224,094

+932 net change

Short covering outweighs long reductions

Interpretation & methodology

Long positions decreased by 628; short positions decreased by 1,560 (short covering). Net exposure shifted toward the long side by 932 contracts.

Futures may hedge client swap exposure. This is not a bank-only report or proof that banks expect gold to fall.

Spreading: 22,057 contracts (-281 vs prior report). These offsetting positions are excluded from the directional ratio and net.

Producers & merchants

Producers, merchants, processors and users

Long contracts
18,386-474 vs prior report
Short contracts
36,823-1,538 vs prior report
33.3% long66.7% short
Net (long − short)-18,437

+1,064 net change

Short covering outweighs long reductions

Interpretation & methodology

Long positions decreased by 474; short positions decreased by 1,538 (short covering). Net exposure shifted toward the long side by 1,064 contracts.

Short futures can protect physical gold inventory or future sales, rather than express a bearish view.

No separate spreading figure is reported for this category.

Other reportable traders

Large reportable traders outside the categories above

Long contracts
120,553+2,251 vs prior report
Short contracts
19,763+809 vs prior report
85.9% long14.1% short
Net (long − short)+100,790

+1,442 net change

Long additions outweigh short changes

Interpretation & methodology

Long positions increased by 2,251; short positions increased by 809. Net exposure shifted toward the long side by 1,442 contracts.

A mixed group with different strategies. Do not assume a shared motive.

Spreading: 12,338 contracts (-706 vs prior report). These offsetting positions are excluded from the directional ratio and net.

Non-reportable positions

Positions below CFTC reporting thresholds

Long contracts
50,731+267 vs prior report
Short contracts
16,079-193 vs prior report
75.9% long24.1% short
Net (long − short)+34,652

+460 net change

More longs, fewer shorts

Interpretation & methodology

Long positions increased by 267; short positions decreased by 193 (short covering). Net exposure shifted toward the long side by 460 contracts.

Often associated with smaller traders, but not a verified retail-only category.

No separate spreading figure is reported for this category.

Detailed weekly position changes

All figures are open futures contracts. Percentages use long + short only, excluding spreading. Changes compare category totals, not individual trades.

Positions and weekly changes for 2026-10-13
CategoryLongLong changeShortShort changeNetNet change
Funds & money managers124,747-2,35417,658+1,544+107,089-3,898
Swap dealers13,976-628238,070-1,560-224,094+932
Producers & merchants18,386-47436,823-1,538-18,437+1,064
Other reportable traders120,553+2,25119,763+809+100,790+1,442
Non-reportable positions50,731+26716,079-193+34,652+460

Long increase is not short covering

More long contracts means the group holds more buy-side futures exposure. Fewer short contracts means less sell-side exposure. Both can lift the net position, but only the first is a long addition.

A hedge is not necessarily a bearish bet

A producer may sell futures while owning physical gold. A dealer may hedge a client position. COT shows their futures exposure, not their complete portfolio or intentions.

Managed Money net
+107,089
-3,898 w/w
COT Index (3Y)
39
Neutral range
Commercials net
-242,531
+1,996 w/w
Open interest
396,345
+236 w/w
Desk reading
  • Managed Money: Long positions decreased by 2,354; short positions increased by 1,544. Net exposure shifted toward the short side by 3,898 contracts. Current net long: 107,089 contracts.
  • Positioning is inside the middle of its historical range. The index alone does not establish a directional edge; execution still requires H4/H1 structure and confirmation.
  • COT is context for bias, never an entry trigger. It carries no invalidation and is three days old on release.

Net positioning by trader class

━ Managed Money━ Commercials┅ Non-reportable

Managed Money COT Index (rolling 3 year)

0 = lowest net position in 156 weeks, 100 = highest. Bands mark crowded extremes.

Last 8 reports

DateMM longMM shortMM netComm. netNon-report. netOpen int.
Oct 13, 2026124,74717,658+107,089-242,531+34,652396,345
Oct 6, 2026127,10116,114+110,987-244,527+34,192396,109
Sep 29, 2026131,71111,393+120,318-250,967+32,335406,456
Sep 22, 2026135,6998,310+127,389-262,903+37,050412,800
Sep 15, 2026142,3949,278+133,116-261,721+31,383409,899
Sep 8, 2026145,80410,832+134,972-270,274+38,314411,227
Sep 1, 2026149,72112,950+136,771-264,718+36,594415,196
Aug 25, 2026159,81915,072+144,747-279,585+36,251427,957

How to read the gold COT report

What is the Commitment of Traders report for gold?

A weekly CFTC publication listing open futures positions in COMEX gold by trader category. Positions are measured as of Tuesday and released on Friday at 15:30 New York time.

Who are Managed Money traders?

Hedge funds and commodity trading advisors. Their net position is the most watched speculative gauge in gold because it shifts with trend and macro conviction.

Why are Commercials usually net short gold?

Producers, merchants and swap dealers hedge physical inventory and client exposure. Their net short typically grows as price rises, so it mirrors speculative positioning rather than predicting direction.

What does the 3 year COT Index measure?

Where the current Managed Money net position sits between its lowest (0) and highest (100) level of the last 156 weeks. Readings near the extremes describe crowded positioning, not timing.

Can COT data be used as an entry signal?

No. The data is three days old at release and has no entry, invalidation or risk definition. It is context for bias. Execution still requires structure, liquidity and displacement on intraday timeframes.

From positioning to execution

Positioning sets the backdrop. Entries come from structure: liquidity sweep, displacement and a qualified POI. Scan your own chart with StructureLens for free, or review how the published setups have performed.

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Data: U.S. Commodity Futures Trading Commission, Disaggregated Futures Only report, COMEX Gold (088691). For educational and research purposes only. Not investment advice.