Gold Futures: Further upside likely near term

Open interest in gold futures markets rose by around 6.5K contracts on Monday and extended the erratic performance seen as of late according to preliminary readings from CME Group. In the other direction, volume shrank by around 105.6K contracts.

Gold approaches $1,800

Monday’s uptick in prices of the ounce troy of the yellow metal edged higher amidst rising open interest, which is indicative that extra gains are now likely in the near term. That said, the $1,800 mark remains as the key target in gold for the time being.