Gold Hits $1,385.29 an Ounce

Gold prices increased May 29 as the dollar weakened and stocks fell due to increased buying from China, Reuters reported. Spot gold rose to $1,385.29 an ounce, an increase of $5.54, on the London Metal Exchange. In New York, gold futures increased $6.10 hitting $1,385, according to the source.

Reuters also said data showing the U.S. economy improving and the possibility the Federal Reserve may slow its monetary stimulus program have contributed to gold prices staying lower than normal.

However, Bloomberg said today marked the first time in three sessions that gold has increased. Gold demand in India is also high, and is set to hit a quarterly record with imports reaching up to 400 metric tons.