Gold Futures: Rebound appears short-lived

In light of preliminary readings from CME Group, open interest in Gold futures markets shrunk by around 5.6K contracts on Thursday, clinching the second drop in a row. Volume followed suit and went down by around 122.4K contracts, adding to the previous daily pullback.

Gold could re-test lows near $1,860/oz

Prices of the ounce troy of Gold edged higher on Thursday amidst shrinking open interest and volume. That said, further upside looks unconvincing and a potential drop and re-test of recent lows near $1,860 per ounce appears favoured for the time being.