CME Group’s flash data for gold futures markets noted traders added around 5.4K contracts to their open interest positions on Wednesday, maintaining the recent choppiness well in place. Volume followed suit and increased by the second session in a row, now by nearly 108K contracts.

Gold faces further consolidation

Gold prices dropped modestly on Wednesday on the back of rising open interest and volume. That said, while further weakness should not be ruled out in the very near term, the consolidative mood is seen prevailing for the time being.