Gold gains as shorts cover positions

|By:, SA News Editor

Gold's up 1.3% to $1,329 per ounce amid CFTC data showing gold shorts covering 23.5K futures contracts last week - the equivalent of 2.35M ounces of the metal. Even after the big cover, the number of CFTC gold shorts remains above any level seen prior to this summer.

Gold ETFs saw their first net inflows in 2 months last week. Their holdings now stand at about 35M ounces vs. around 50M at the start of the year.

GLD +1.2% premarket.

Other ETFs: IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI.