Gold Prices Consolidate Week's Gains of More Than 3%

27/01/2012 22:59 AST

Gold prices leveled off Friday, consolidating the week's dramatic gains, amid prospects for more increases next week and next month.

The latest catalyst for the yellow metal, as well as global equities and industrial commodities, was this week's surprise announcement from the Federal Reserve that it would keep essentially zero interest rates for the next three years.

"The trigger offered by the Fed definitely helped," Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt, told Bloomberg. "The opportunity costs of holding gold will remain low in the future and this should boost the attractiveness of gold. We don't see an end to the long-term uptrend in gold prices."

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