Gold Futures: Further gains appear on the cards

Open interest in gold futures markets rose for the fourth session in a row on Friday, now by around 5.2K contracts according to preliminary readings from CME Group. Volume followed suit and went up by more than 30K contracts, reversing the previous daily pullback.

Gold still looks to $2000 and above

Friday’s continuation of the uptrend in gold prices was on the back of rising open interest and volume and leaves intact the prospects for further gains in the very near term. Against that, the next target of note for the commodity remains at the critical $2000 mark per troy ounce.