Edel Tully, precious metals strategist at UBS, said the gains in gold were modest and came on the back of short-covering.

FORBES: FOCUS: Speculators Return As Gold Buyers -- CFTC Data

Edel Tully, precious metals strategist at UBS, also remarked on this activity.

FORBES: FOCUS: Speculators Add To Bullish Gold, PGM Positions For Seventh Straight Week -- CFTC Data

Edel Tully, UBS analyst said that scrap sales have risen by a marginal degree, but she is not concerned about the supply factor.

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Edel Tully, precious metals strategist at UBS, said while speculative buying and ETF inflows have supported gold to current levels, she is watching physical demand, which generally has been lagging with gold prices near records in most emerging market currencies.

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