$600 is very near, but I don't think many players are eager to build up new buy positions from here. |
A weaker yen, and platinum futures prices trading above Yen 4,000/g, made the commodity 'very safe' to invest, in addition to the bullish sentiment felt across the metal futures complex with speculative funds. |
All focus is on oil prices for the direction in gold. |
Sentiment for gold is improving but the outlook largely depends on the fate of crude oil prices. |
The prospect of rising interest rates in the major economies -- Europe, the United States and Japan -- has significantly damaged sentiment in the commodities market. |
There was position adjustment as the market lacked direction and fresh buying incentives. |