gold

Investor sentiment toward gold has improved greatly
since the end of 2011; "nonetheless, caution still prevails," says UBS analyst
Edel Tully. She says this is reflected in the price action after Friday's U.S.
nonfarm payrolls, which should have spurred a rally in the metal. "But it was
not to be. Selling...along with stops getting triggered, caused gold to quickly
cede nearly $20" instead, she notes. Says disappointment prompted some
investors to dump their long positions in frustration. Still, she says, "it is
no bad thing for the metal to consolidate" and argues that gold has held up
reasonably well given the stronger dollar. Spot gold +40c at $1,618.40/oz.