Gold’s latest COT Report in the futures market has revealed that the total of all buy and sell futures contracts has dropped for the third consecutive week. According to the CME data, the COMEX open interest shrunk by around 6.3k contracts. Moving on the same line, the precious metal volume topped after record-breaking volume and recorded only 114k contracts – down for the third consecutive trading day.
Gold was closed in New York on Friday afternoon at USD 1,944.71 spot, down USD 8.86 from its open.
During the early Asia session, the price of gold was seen further down at USD 1,929.64 per ounce before buyers showing up and driving the precious metal in green territory reaching a high of USD 1,951.42 ahead of London open.
The developments in the gold futures market have potentially opened the door for a challenge of the big psychological figure USD 2,000. On the downside, sellers are eyeing last week’s flash crash low at USD 1,862.90 per ounce.
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