According to preliminary readings from CME Group for gold futures markets, open interest rose by just 440 contracts on Thursday after two consecutive daily pullbacks. Volume, instead, extended the downtrend and shrank by around 36.7K contracts.

Gold could revisit the $1,700 mark

Thursday’s downtick in gold prices was on the back of a small increase in open interest, which looks supportive of the continuation of the decline in the very near term. That said, the next level of note for the yellow metal emerges at the $1,700 mark per ounce troy.