Gold Futures: Further range bound on the cards – UOB

According to preliminary readings from CME Group for gold futures markets, open interest resumed the upside and increased by around 5.7K contracts on Friday. Volume followed suit and rose by more than 68K contracts after two consecutive daily pullbacks.

Gold: Next on the downside comes $1,721

Gold prices charted another inconclusive session on Friday amidst rising open interest and volume, leaving the door open to the continuation of the current side-lined trading for the time being. Further decline in bullion should meet the next support at the September 2021 low at $1,721 per ounce troy.