Analysts at UBS comment that "gold trades......>

GOLD: Analysts at UBS comment that "gold trades with an upside bias". They go on

to say that "dollar weakness has certainly been a positive driver of late [and

that] "gold deserve further credit for its recent performance considering that

yields are closer to the upper end of the range this month - albeit off the

highs - and equities at record levels."

- UBS further note that it is expected that the Fed is likely to to raise rates

when the FOMC meets in a couple of weeks' time and that this might be inhibiting

gold market participants from putting on big positions, acting as a cap on

prices. However, as much of the rate hike is already priced in the downside

risks might also be limited.