Gold Futures: Door open to extra gains

Open interest in gold futures markets increased for the second session in a row on Wednesday, this time by around 7.2K contracts according to preliminary readings from CME Group. Volume followed suit and rose by around 110.6K contracts following two consecutive daily drops.

Gold retargets the $1980 region

Gold prices rose sharply on Wednesday amidst rising open interest and volume, signalling the likelihood that further advances could be in store for the yellow metal in the very near term. That said, the next hurdle of note is now seen at the July tops around the $1980 zone per troy ounce.