FXStreet (Mumbai) - The data released by the Commodity Futures Trading Commission showed the speculators reduced their overall bullish bets in gold last week following six weeks of gains. The non-commercial futures contracts of Comex gold futures, traded by large speculators and hedge funds, witnessed a weekly change of -41,092 contracts to total a net position of +116,342 contracts for the week ended Nov 3rd. The weekly bullish positions fell by -31,201 contracts and the weekly bearish positions rose by 9891 contracts. The commercials, hedgers or traders engaged in buying and selling for business purposes, trimmed their overall bearish positions to a net total position of -124,988 contracts. The drop clearly represents position adjustment following the hawkish surprise offered by the Fed in the late October. For more information, read our latest forex news.