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Traders scaled back their open interest positions in Gold futures markets by around 13.4K contracts on Wednesday, as per flash data from CME Group. In the same line, volume extended the choppy activity and shrunk by nearly 160.5K contracts.

Gold faces extra consolidation

Declining open interest and volume amidst inconclusive price action in the ounce troy of gold leaves the consolidative scenario unchanged for the time being at a time when developments from the coronavirus are expected to keep driving the mood in the risk appetite trends.