Gold Futures: Rebound seen short-lived

Open interest and volume in Gold futures markets shrunk by around 3.1K contracts and by around 9.3K contracts, respectively, according to preliminary figures from CME Group at the end of last week.

Gold remains capped near $1,930/oz

Prices of the ounce troy of the precious metal edged higher on Friday although the drop in open interest and volume undermine the continuation of the recovery in the very near-term. That said, Gold faces strong resistance, initially, in the $1,930 level per ounce.