Open interest in gold futures markets increased by just 544 contracts on Thursday, snapping a downtrend in place since February 2 at the same time, according to preliminary readings from CME Group. Volume, instead, shrank for the second session in a row, this time by around 5.4K contracts.
Gold: En route to $1800?
Gold’s price action was inconclusive on Thursday amidst a small increase in open interest. Against that, some near-term consolidation is not ruled out ahead of the probable continuation of the decline. The next contention area, in the meantime, remains at the key $1800 region per ounce troy.
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