Net long positions in gold dropped -23% last week, to 93,438 contracts, the lowest in 15 weeks and near the lowest in at least 12 months.

This comes after gold suffered its biggest single-day plunge since 2013 on January 30.

Net long positioning has now fallen -60% from the February 2025 peak of ~240,000 contracts.

Hedge fund sentiment on precious metals is shifting rapidly.