why gold price down january 27 2012

why gold price down january 27 2012 : Gold fell from a 7-week high on Friday as speculators booked profits ahead of U.S. GDP data, but prices were heading for a fourth week of gains with the Federal Reserve's pledge to keep interest rates near zero for some time supporting sentiment.

Although gold investors were relieved by the Fed's move to keep rates historically low, they will now turn their attention again to the outcome of the Greek debt crisis, with U.S. funds still cautious about lending to banks in the troubled euro zone.

Gold hit a high around $1,723 an ounce before slipping to $1,718.70 by 2:10 a.m. ET, down $1.34. Gold rallied to $1,729.76 on Thursday, its strongest since early December, but was still well below a record around $1,920 hit last September.

I think it's a good time to buy gold scraps again

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