Gold Futures: Scope for extra consolidation

Traders increased their open interest positions by around 2.6K contracts on Wednesday, reaching the second build in a row according to preliminary figures from CME Group. Volume, instead, shrunk for the second straight session, this time by nearly 41.8K contracts.

Gold: Further rangebound favoured near-term

Prices of the ounce troy of the precious metal continue to trade within a consolidative mood so far this week. Inconclusive activity in both open interest and volume seen as of late should leave the neutral outlook for gold unchanged at least in the near-term.