All focus is on oil prices for the direction in gold.

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.

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.

$600 is very near, but I don’t think many players are eager to build up new buy positions from here.

Sentiment for gold is improving but the outlook largely depends on the fate of crude oil prices.