Gold price up after weeks of falls

<p>The price of gold has risen by one per cent.</p>

The price of gold is up by one per cent this morning (May 14th), helping to cancel out four consecutive sessions of drops for the precious metal.

It jumped back up to $1,444.96 an ounce, but has still lost around 14 per cent of its value since the start of the year. It contracted by more than one per cent on Monday, dropping towards the two-week low that was set for the commodity on Friday.

Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore, told Reuters that he believes stocks are more appealing than gold for investors right now.

He said: "Gold will continue in the downward trend. It might test $1,400. I don't see any data that could possibly push gold prices up."

Gold slumped to two-year lows in April and has gone through a mini-recovery in the last few weeks, but the commodity is still well down on the turn of the year.

It lost much of its value when it emerged Cyprus was considering selling off its gold assets to raise money to boost the economy.

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