Open interest in the gold futures markets rose for the second consecutive session on Wednesday, with preliminary data from CME Group indicating an increase of approximately 7.2K contracts. Additionally, trading volume also saw an uptick, climbing by around 110.6K contracts after two consecutive days of declines.
Gold retargets the $1980 region
On Wednesday, gold prices saw a significant increase, driven by higher open interest and trading volume. This suggests the potential for more upward movement in the near future for the precious metal. However, it’s worth noting that the next significant level to watch is the July highs, which are located around the $1980 per troy ounce range.