Global output of gold declined further this week, with the news that Venezuela is to halt all its gold mining

Gold prices are not likely to drop in the near future, thanks to the dollar's continuing weakness and weaker-than-expected jobs data from the US.
Instead, an analyst at Barclays Capital told Forbes, prices are likely to remain at a steady level for the foreseeable future. 'Although the dollar should continue to support prices, demand is likely to see gold trading in consolidation mode,' the company said in a statement.
Gold prices have remained at a relatively stable level of around $800 an ounce in recent weeks, after their meteoric rise in March. Forecasts for June were bullish on Friday (May 16th) as crude oil rose to $150 a barrel, as the two commodities are linked for those participating in gold investment.
Meanwhile, the global output of gold declined further this week, with the news that Venezuela is to halt all its gold mining for the foreseeable future in a bid to halt environmental destruction.