Gold Futures: Further consolidation on the cards

According to preliminary readings from CME Group for gold futures markets, open interest rose by just 720 contracts on Friday, partially reversing the previous daily drop. In the same line, volume went up by around 97.5K contracts.

Gold remains capped by $1,800

Gold prices charted a very volatile session on Friday, finally closing the session with marginal losses and within the prevailing consolidative range. The move was amidst rising open interest and volume, allowing for the continuation of this range bound theme in the very near term. In the meantime, the precious metal remains capped by the $1,800 mark per ounce troy.