The prices for precious metals fell last week: prices of gold, silver and palladium have lost
The prices for precious metals fell last week: prices of gold, silver and palladium have lost $3.15, 29.5 cents and $13.50, respectively, while platinum made small gains of 40 cents. Dollar weakness makes the dollar-priced precious metal cheaper for European investors.
Gold rose to a high of $389.25 an ounce; however, it soon came under renewed pressure and sank to the day's low of $385.25 an ounce.
According to the analysts, the data were not strong enough to fuel expectations that the US Federal Reserve would raise rates significantly next month.
Consumer demand for gold rose by 12 percent in the first quarter of this year. Industrial demand rose 8 percent over the same period on a year-on-year basis, as gold found new uses in the electronics markets.
Yesterday spot gold closed in London at $393.60 an ounce, up $5.30. It is expected to test the $395 level before charging for the psychologically important $400 level, in line with the dollar's renewed weakness against the euro.