Gold Futures: Still room for extra gains

Open interest in gold futures markets rose for the second session in a row on Tuesday, this time by around 14.8K contracts according to preliminary readings from CME Group. Volume followed suit and added around 48.5K contracts to the previous daily build.

Gold: The hunt for $2070

Gold prices extended the weekly rebound on Tuesday and closed above the key $2000 mark per ounce troy amidst increasing open interest and volume. Against that, further gains appear in store for the yellow metal in the very near term and with the immediate target at the 2022 top at $2070 (March 8).