Spot gold holds at $899.50/oz, after trading in a $889.90/$909.40
range. The precious metal, like other financial market instruments, has
been driven largely by oil price swings, ebbing and flowing
accordingly.John Reade, precious metals analyst at UBS, looks for
levels to buygold, but says he wants to first see "long positions
reduced - and preferably the market feeling as short as it did at
$850/oz - togetherwith strong jewelry demand." UBS has raised its one
month gold forecastto $900/oz vs $850 previously and has increased its
three month forecast to $850 from $800.