Gold Futures: Further gains in store near term

CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 2.5K contracts on Tuesday, reversing at the same time two consecutive daily drops. Volume followed suit and rose by 135.4K contracts after four daily pullbacks in a row.

Gold targets the 2023 high at $2032

Gold prices extended the recovery on Tuesday amidst rising open interest and volume, which is suggestive of further gains in the very near term. Against that, the precious metal should remain focused on the YTD peak at $2032 per ounce troy (April 5).