Gold Futures: Extra gains lose traction

Open interest in Gold futures markets shrunk by around 5.8K contracts on Thursday, according to preliminary readings from CME Group. Volume followed suit and dropped for the third session in a row, this time by around 22.5K contracts.

Gold shifts the attention to $1,680/oz

The weekly recovery in gold prices faltered around the $1,740 area on Thursday. The move was on the back of diminishing open interest and volume, indicative that further upside is out of favour for the time being. That said, the focus of attention could now re-shift to the YTD lows in the $1,680 mark per ounce recorded earlier in the week.