Gold Futures: Still scope for extra decline

Open interest in gold futures markets extended the uptrend on Tuesday, this time by around 1.6K contracts according to preliminary readings from CME Group. Volume, instead, shrank for the second session in a row, now by nearly 9K contracts.

Gold keeps targeting the $2000 region

Gold prices ended Tuesday’s session with marginal losses amidst an inconclusive price action. The move was on the back of rising open interest and suggests that further losses might be in store for the yellow metal in the very near term. In the meantime, bulls continue to target the key hurdle at the $2000 mark per troy ounce for the time being.