Gold on his way to the biggest weekly loss since December

Gold price technical analysis 30 - May, 2013

Gold gave up early gains on Friday and was on his way to incur the biggest weekly loss since December after concerns about the slow hurt the global economy and commodity prompted investors to seek safe haven in the U.S. dollar.

And gold has some appeal as a safe haven after he was forced investors to sell the precious metal to cover losses as a result of tensions in financial markets caused by the debt crisis and the decision of the European Central United States to take limited steps to boost the economy.
Gold rose in early trading to around 1568 USD/Troy per ounce before falling back to 1563.50 USD/Troy an ounce by the time 0614 GMT, down $ 1.92.
Gold fell 2.5 percent on Thursday in the biggest daily loss since late February after the U.S. central bank refrained from launching a new round of quantitative easing measures.
And went down the price of gold in U.S. contracts for August delivery $ 1.10 an ounce to 1564.40 dollars.
Silver and landed in the spot market, or 0.11 percent to 26.81 dollars, down 0.82 percent platinum to 1418.70 dollars an ounce, while palladium fell 0.22 percent to 602.03 dollars an ounce.