Gold Futures: Further gains on the table near term

Open interest in gold futures markets shrank by around 6.4K contracts after two consecutive daily builds at the end of last week, according to preliminary readings from CME Group. Volume followed suit and went down by nearly 14K contracts, adding to the previous daily drop

Gold keeps targeting $1980

Friday’s small downtick in gold prices was on the back of shrinking open interest and volume, allowing for some near-term rebound. Against this backdrop, the precious metal is still expected to target the early June tops just above the $1980 mark per troy ounce.