Monday Open: $1,316.30
Weekly High: $1,353.40
Weekly Low: $1,312.30
Friday Close: $1,352.60

With the U.S. government reopened this week, backed up economic reports were released, positively influencing the price of gold. Thursday marked a four-week high and the week was overall bullish.

Monday opened the week near steady from last Friday’s closing numbers, with the market in anticipation of Tuesday when U.S. economic data was scheduled for release three weeks late.

Tuesday’s data encouraged the price of gold to make some significant gains. The main item on the list was September’s nonfarm payroll data, which showed less-than-expected growth. Unemployment was reported to have receded less than expected, which gives traders reason to believe the Fed will not begin its bond tapering program quite yet.

Wednesday’s gold prices slipped slightly on short-term profit-taking, but Thursday regained those losses and flew up to a four-week high on a few combined bullish factors. The dollar fell to a 10.5 month low on Thursday, bolstering the appeal of gold. Reports from China also gave indication that the holiday season will foster more consumer interest in buying gold.

Overall, gold experienced a strong week and traders are looking forward to next week’s FOMC two-day meeting.