Gold Futures: Further consolidation remains in store

CME Group’s flash data for gold futures markets noted open interest rose by 838 contracts on Thursday, partially reversing the previous day’s drop. Volume followed suit and went up by around 6.6K contracts.

Gold: Next on the downside emerges $1,680

Gold prices charted modest losses on Thursday amidst the broader multi-session consolidative phase. The daily downtick was on the back of increasing open interest and volume, which suggests that further decline are favoured with the immediate target at the 2022 low at $1,680 mark per ounce troy.