Gold Futures: Further gains not favoured

CME Group’s flash data for gold futures markets noted traders reduced their open interest positions for the third session in a row on Tuesday, this time by nearly 4K contracts. Volume, instead, went up by almost 117K contracts after three consecutive daily pullback.

Gold: Next target emerges at $2000

Tuesday’s strong gains in gold prices were on the back of shrinking open interest and suggests that extra gains are not favoured in the very near term. In the meantime, occasional bullish attempts are expected to meet the next hurdle of note at the key $2000 mark per troy ounce.