Gold Futures: Scope for further decline

Open interest in gold futures markets increased by around 3.1K contracts on Tuesday according to preliminary readings from CME Group. In the same line, volume went up by around 30.8K contracts.

Gold remains focused on the 2022 low

Tuesday’s downtick in gold prices was on the back of rising open interest and volume, opening the door to extra weakness in the very near term and with the immediate target at the YTD low at $1,680 (July 21).