Gold Futures: Further gains on the cards

Open interest in gold futures markets rose for the second session in a row on Friday, this time by nearly 5K contracts according to preliminary readings from CME Group. Volume, instead, maintained the choppy trade well in place and dropped by around 29.5K contracts.

Gold faces minor support near $1890

Friday’s marked uptick in gold prices was on the back of rising open interest and a strong drop in volume. That said, while further gains appear on the cards in the very near term, a sustained bounce seems not favoured. On the downside, the yellow metal faces immediate support around the $1890 region per troy ounce.