Gold's net bullish positions drop to lowest since June 9

According to the CFTC Commitments of Traders report released Friday, gold speculators and hedge funds trimmed their bullish net positions to the lowest level since June during the week ended Sept. 22.

The net position was 21,060 contracts – down 21,917 net contracts from the preceding week's tally of 240,977 contracts. 

Last week, the yellow metal fell by 4.6% to register its biggest weekly percentage decline since March., as the dollar's broad-based recover rally gathered pace on renewed coronavirus fears, political uncertainty in the US. 

At press time, the metal is trading at $1,860 per ounce.