Gold Futures: Room for further gains near term

Open interest in gold futures markets resumed the uptrend and rose by around 8.1K contracts on Friday according to preliminary readings from CME Group. Volume, instead, shrank for the second session in a row, this time by more than 3K contracts.

Gold shifts its attention to the 2023 top

Gold prices rose for the third session in a row on Friday, closing above the critical $2000 mark for the first time since mid-May. The daily gains came on the back of increasing open interest, leaving the door open to further upside in the very near term and with the immediate target at the YTD peak at $2067 per troy ounce (May 4).