Gold Futures: Upside seen somewhat limited

Open interest in Gold futures markets shrunk by around 1K contracts after two builds in a row on Wednesday, according to preliminary figures from CME Group. In the same line, volume went down by around 104.6K contracts.

Gold stays firm in the $1,800 area

Wednesday’s small uptick in prices of the ounce troy of the precious metal was against the backdrop of shrinking open interest and volume, leaving the possibility of further gains somewhat flat for the time being. That said, Gold is expected to extend the consolidative fashion around the $1,800 mark for the time being.