Gold Futures: Further upside not ruled out

Open interest in gold futures markets rose by nearly 2K contracts after three consecutive daily drops on Thursday according to preliminary readings from CME Group. Volume, instead, shrank for the fourth session in a row, now by around 53.1K contracts.

Gold remains focused on the $2000 mark and above

Thursday’s marked uptick in gold prices was on the back of increasing open interest and is supportive of the continuation of the upward bias in the very near term. In the meantime, the next hurdle of note for the precious metal emerges at the 2023 high at $2009 per ounce troy (March 20).