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In the past three weeks, investment institutions net bought $22.2 billion in gold futures, a new high in over a decade. Gold prices surged 5.9% in a single week, breaking above $4500/ounce for the first time.
According to traders at the Goldman Sachs futures trading desk, citing Commodity Futures Trading Commission (COT) reports, managed money, other categories, and non-reportable positions collectively net bought $22.2 billion in gold futures between July 28 and August 18, marking the highest nominal amount in over a decade. Influenced by this, gold prices rose by 5.9% in the single week from August 18 to 21, with spot gold (XAUUSD) breaking above $4500/ounce for the first time. Goldman Sachs commodity strategists had previously informed clients that their year-end 2026 gold target price of $4900/ounce carried "significant upside risk."
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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