Gold Futures: Scope for further gains

Open interest in gold futures markets reversed the previous drop and increased by around 16.7K contracts on Wednesday, the largest single-day build since May 10 considering flash data from CME Group. Volume, in the same line, went up for the second session in a row, now by around 134.7K contracts.

Gold targets $1,800 and above

Gold prices rose sharply on Wednesday and traded at shouting distance from the key $1,800 mark per ounce troy. The strong advance was on the back of rising open interest and volume and leaves the door open to the continuation of the recovery at least in the very near term, always with the target at $1,800 and beyond.