Gold Futures: Scope for further gains

Open interest in gold futures markets rose by around 1.9K contracts on Friday after six consecutive daily drops, as shown by preliminary readings from CME Group. In the same line, volume went up by around 65.8K contracts, reversing two consecutive daily pullbacks.

Gold remains supported around $1,780

Gold prices extended the positive performance on Friday amidst rising open interest and volume, all indicative that extra gains appear in the pipeline in the very near term. That said, the precious metal now targets the key barrier at the $1,800 mark per ounce troy, while decent contention is found around $1,780.