Gold Futures: Scope for extra gains near term

Open interest in gold futures markets rose by around 5.5K contracts and reversed two consecutive daily pullbacks on Thursday, considering flash data from CME Group. Volume, instead, resumed the downtrend and shrank by around 31.6K contracts, partially reversing the previous daily build.

Gold now approaches $1,800

Thursday’s uptick in prices of the precious metal was accompanied by rising open interest and opens the door to further gains in the very near term. Against that, gold continues to target the key $1,800 mark per ounce troy and beyond.