Global gold prices weakened with the long holiday that will occur in the United States (U.S.). However, during this week, gold prices posted the biggest gain in the week.
Cause of the positive trend in gold is weakening stock market and slowing the movement of the dollar value.
Statement of the U.S. central bank, the Fed signaled that economic stimulus delays also a positive sentiment for gold.
“The weakening of the U.S. dollar, combined with the issue of economic stimulus, as well as low levels of consumption in China to be the sentiment in gold prices pushed past few days,” said analysts from Societe Generale Group metal, Robin Bhar.
The price of gold, at the end of this week, fell 0.23 percent to USD1.387, 51 per ounce from the previous USD1.390, 4. Even so, gold prices have gained as much as 2.15 percent this week, which is the biggest gain since late April.