Monday Open: $1,365.60
Weekly High: $1,399.70
Weekly Low: $1,356.90
Friday Close: $1,396.50

This week proved fruitful for gold, as a few economic global events pushed the price range up slightly higher by Friday, despite selling off early in the week. Last week showed improvements for gold, jumping 13%, so after those dramatic gains in an otherwise uncertain trading realm, traders were eager to reap the rewards from the incline and sell off their shares on Monday, bringing the price of gold back down to $1,365.

Tuesday saw gold rise a little bit on some more safe haven demand and a lower dollar. Traders are keeping an eye on the situation in Egypt, as this global crisis could push people back into desiring the hedge fund of gold. Other items of interest this week were the FOMC minutes released on Wednesday and Chinese manufacturing data released on Thursday.

Wednesday’s prices remained near steady as the FOMC released minutes that proved no real surprise to gold traders. With the expectation that the Federal Reserve would be soon employing their “tapering” program to end low interest rates, gold traders are cautious, but the meeting on Wednesday revealed no concrete time frame for when this would happen.

Because of the lack of news from the FOMC, Thursday’s prices remained steady with slight gains. The increase was also influenced by the manufacturing reports released on China’s economy, which had shown improvement. China is the world’s second largest buyer of gold, so a flourishing economy is bullish for the yellow metal.

Friday ended the week on a fairly sharp incline, probably influenced by the subtly bullish factors piling up throughout the week. These gains could spill over into next week.