Gold Futures: Upside seen losing traction

In light of flash readings from CME Group for gold futures markets, open interest and volume shrunk by nearly 1.5K contracts and by around 66.5K contracts, respectively, on Thursday.

Gold faces decent contention around $1,700/oz

Prices of the ounce troy of the precious metal rose on Thursday after two consecutive pullbacks. The uptick, however, was amidst diminishing open interest and volume, leaving the probability of further gains somewhat undermined. That said, gold still looks supported around the $1,700 mark per ounce.