Open interest in gold futures markets kept the choppiness well in place and shrank by nearly 4K contracts on Thursday according to preliminary readings from CME Group. Volume followed suit and dropped by around 18.3K contracts after two consecutive daily builds.

Gold faces further consolidation near term

Prices of the ounce troy of gold retreated marginally amidst a broader inconclusive session on Thursday. The price action was amidst shrinking open interest and volume and keeps pointing to the continuation of the side-lined trade for the time being.