Gold Futures: Further declines on the cards

Open interest in Gold futures markets increased by around 1.2K contracts on Monday, reversing the previous build according to preliminary readings from CME Group. Volume, instead, shrunk by around 47.1K contracts after two daily builds in a row.

Gold could re-test $1,700

Monday’s downtick in Gold prices was amidst rising open interest, allowing for the continuation of the recent weakness in the very near-term. That said, the $1,700 mark per ounce troy emerges as the next interim support.