Gold Futures: Scope for further rebound

Open interest in Gold futures markets shrunk for the third consecutive session on Friday, this time by around 6.3K contracts according to flash data from CME Group. Volume, in the same time, went down for the third session in a row, now by around 114K contracts.

Gold now targets $2,000/oz

Prices of the ounce troy of gold closed the week with losses amidst shrinking open interest and volume on Friday, opening the door to a potential re-visit to the critical $2,000 mark in the short-term horizon.