Open interest in gold futures markets rose for the second session in a row on Monday, this time by just 454 contracts according to preliminary readings from CME Group. On the other hand, volume reversed two consecutive daily builds and shrank by around 24.3K contracts.

Gold: Next on the downside comes $1,711

Gold prices charted an inconclusive session at the beginning of the week amidst a small uptick in open interest. That said, further weakness should not be ruled out while the next support now emerges at $1,711 per ounce troy (weekly low July 27).