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Traders added around 2.3K contracts to their open interest positions in gold futures markets on Wednesday, according to preliminary figures from CME Group. Volume, instead, went down by almost 60.7K contracts, prolonging the choppy activity.

Gold looks capped near $1,750/oz

Wednesday’s negative price action in the ounce troy of gold was amidst shrinking open interest, which could be indicative that the recent rally is running out of steam. That said, extra gains look limited around the $1,750 per ounce for the time being.