Gold Futures: Scope for further decline

Open interest in gold futures markets went up for the third session in a row on Tuesday, this time by around 26.6K contracts, the largest single day build since February 17. Volume followed suit and rose by around 143.4K contracts

Gold: Next level wo watch at $1,700

Tuesday’s drop in prices of gold was against the backdrop of further increase in open interest while volume also ticked higher. That said, extra weakness remains on the cards and the yellow metal could slip back to the $1,700 region per ounce troy in the very near term.