Gold Futures: Scope for further decline

Open interest in gold futures markets rose by around 2.5K contracts on Thursday, reversing the previous pullback according to advanced prints from CME Group. In the same line, volume extended the choppy mood and went up by around 16.4K contracts.

Gold now looks to $1,800

Thursday’s decent pullback in gold prices was on the back of increasing open interest and volume, opening the door to extra losses in the very near term. Against that, the precious metal could attempt a move to the key $1,800 mark per ounce troy.