Gold Futures: Decline now appears contained

Open interest in gold futures markets shrank for the third session in a row on Wednesday, this time by around 104.K contracts according to preliminary readings from CME Group. Volume, instead, kept the erratic performance well in place and this time went up by more than 17K contracts.

Gold meets support near $1950

Gold prices retreated for the third session in a row on Thursday. The daily downtick came on the back of shrinking open interest, which is suggestive that a deeper decline appears out of favour for the time being. So far, the yellow metal appears to have met some initial contention around the $1950 region per ounce troy.