Gold Futures: Downside looks contained

Traders reduced their open interest positions for the second session in a row on Thursday, this time by around 3.5K contracts in light of preliminary readings from CME Group. Volume followed suit and shrunk by around 68.3K contracts.

Gold meets support near $1,860

Prices of the ounce troy of gold meet initial contention in the $1,860 area, or 4-month lows, on Thursday. The downtick, however, was on the back of diminishing open interest and volume, leaving the downside somewhat contained.