'Overbought' gold is set for a weekly fall as it tails off

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

The precious metal hit an all-time high of $1913.50 an ounce on Tuesday.

Today the price was down again at $1757.80, leaving it more than 4% down on the week and bringing to an end the longest upward surge for more than four years.

Despite this week's fall, gold is still up 25% since the start of the year as a mix of inflation, tumbling equity markets and concerns over debt-laden European nations draws in cash. Speculation over another round of money-printing from the Federal Reserve and potential dollar weakness has also increased its appeal as a store of value, although it still remains short of its inflation-adjusted record of more than $2200 in 1980.

VTB Capital analyst Andrey Kryuchenkov said: "We do not expect $1900 any time soon, but we do not expect sustained losses either as the market needs a pause."

Oil prices were also on course for a 2% rise this week as Brent crude moved back past the $110 mark.

Hopes for a speedy resumption of oil production in Libya drove down oil this week, although Hurricane Irene has helped push up prices again amid worries over output disruption for United States refineries.