Gold Futures: Extra losses unlikely

CME Group’s flash data for gold futures markets noted open interest shrank by around 4.6K contracts on Friday, clinching the second consecutive daily pullback. In the same line, volume went down by nearly 31K contracts, reversing the previous daily build.

Gold remains side-lined

Friday’s downtick in gold prices was accompanied by shrinking open interest and volume, indicative that further losses appear unlikely in the veery near term. That said, the precious metal is expected to keep the ongoing consolidation well in place for the time being.