Gold traders are more bullish after central banks expanded their
bullion reserves and hedge funds increased bets on a rally for the first time
in three weeks.
Fourteen of 28 analysts surveyed by Bloomberg expect prices to gain
next week and nine were neutral, the highest proportion in two weeks. Mexico,
Russia and Turkey added about 44.8 metric tons valued at $2.39 billion to
reserves in March, International Monetary Fund data show. Fund managers
raised their so-called net-long positions by 2.5 percent in the week ended
April 17, according to the Commodity Futures Trading Commission.