Gold Futures: Further consolidation likely

Open interest in gold futures markets rose by just 708 contracts at the beginning of the week considering preliminary readings from CME Group, extending the choppy activity seen as of late. On the flip side, volume shrank for the second session in a row, this time by around 18.1K contracts.

Gold looks side-lined near $1,800/oz

Gold started the week on a positive note and extended the erratic performance for another session, always a tad below the $1,800 mark per ounce troy. The precious metal kept the familiar range amidst rising open interest, hinting at the idea that further consolidation remains on the cards.