Gold Futures: Scope for extra gains near-term

Investors increased their open interest positions in gold futures markets by almost 2.4K contracts on Tuesday, reversing at the same time two consecutive daily pullbacks according to preliminary readings from CME Group. Volume, on the other hand, extended the downtrend and shrunk for the third straight session, this time by nearly 10.4K contracts.

Gold still aims to $1,750/oz

Tuesday’s uptick in prices of the precious metal was accompanied by rising open interest, signalling a probable continuation of the upside to, initially, the 2020 highs near the $1,750 per ounce troy.