Gold Futures Open Interest Rises Slightly Amidst Price Decline

Open interest in gold futures markets saw a modest increase of 858 contracts after two consecutive daily pullbacks on Tuesday, as per preliminary data from CME Group. Simultaneously, trading volume also showed a noteworthy surge, adding approximately 34,200 contracts to the previous daily total.

Gold prices experienced a decline for the second consecutive session on Tuesday, accompanied by a notable rise in open interest and trading volume. These developments suggest that the precious metal may face further losses in the near future.

Notably, the 200-day Simple Moving Average (SMA), currently at $1,916 per troy ounce, has emerged as the immediate support level for gold.