Gold Futures: Scope for further gains

Traders added more than 900 contracts to their open interest positions on Friday, reaching at the same time the sixth consecutive build according to preliminary figures from CME Group. Volume followed suit and clinched the second build in a row, this time by nearly 93K contracts.

Gold now targets $1,700/oz

Prices of the ounce troy of Gold continue its march north on Monday, advancing above $1,680 for the first time since February 2013. The rally in the yellow metal remains supported by increasing open interest and volume and it now targets the $1,685 level (February 2013 high).