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The gold price fell last Friday after opening in London , breaking the biggest bullish trend of the past four weeks, influenced by tensions in Ukraine and the Middle East.
On Thursday, the precious metal rose 1.5 percent after the Boeing 777 was shot down in Ukraine's airspace and Israel sent ground troops into the Gaza Strip.
Gold has recovered this year from its biggest annual downturn in three decades. This happened under the influence of the low interest rate policy in the United States and the unrest in the Middle East and Ukraine.
"Although the Fed and the Dollar predominate and exert a dampening effect on the gold price after the news of the Malaysia Airlines Boeing 777 shot down," says Georgette Boele , precious metals analyst at ABN AMRO. "The geopolitical situation would actually support the gold price."
Gold is down 0.6 percent to $1311.45 per troy ounce in London on Friday morning. This week, the gold price recorded a decline of 2.1 percent.
Source: Bloomberg
