The gold market waffled around both sides of unchanged but managed to regain positive ground after initially falling below the Monday lows. Some traders suggest that a bounce in the equity markets reduced the long liquidation pressure in gold and that provided gold with the brunt of its lift today. Others suggest that a setback in the dollar provided gold with a lift but recently currency market action hasn't been seen as a direct influence on gold prices.
Some traders suggested that a record low yield in a US note auction today sent a signal that overall conditions have remained very precarious. Some press outlets were suggesting that gold was lifted as a result of fresh ongoing bargain hunting buying but others in the trade remain concerned of more corrective selling ahead.
Who does some of the major hedge funds turn to when they need advice?
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