Gold Futures: Further range bound on the cards

Open interest in gold futures markets rose for the second session in a row on Friday, this time by just 311 contracts according to preliminary readings from CME Group. On the other hand, volume remained choppy and shrank by around 109.5K contracts.

Gold: Support emerges around $1925

Gold prices charted an inconclusive session at the end of last week amidst a small uptick in open interest and a marked drop in volume. Against that, the precious metal is expected to maintain the ongoing consolidative phase, which appears supported by the $1925 level and gains look limited by the 55-day SMA near $1985 per troy ounce.