Gold Futures: Still scope for extra losses

Open interest in gold futures markets rose for the second session in a row on Wednesday, this time by around 3.4K contracts according to preliminary readings from CME Group. Volume, instead, shrank by around 70.3K contracts, reversing the previous daily build.

Gold: Next on the downside comes $1820

Gold prices extended the weekly leg lower on Wednesday. The downtick was on the back of shrinking open interest, which is indicative that further decline lies ahead for the yellow metal. Against that, the next support emerges at the 2023 low around $1820 (February 17).