Gold Futures: Green light to further decline

Open interest in gold futures markets increased by nearly 1.7K contracts on Thursday according to advanced figures from CME Group. In the same line, volume went up for the second session in a row, this time by around 34.1K contracts.

Gold approaches $1,670/oz

Gold prices extended the downside on Thursday and breached the key support at the $1,700 level. The downtick was on the back of rising open interest, paving the way to a potential next move to the June 2020 low in the $1,670 region per ounce troy.