Gold prices fell to a week low, as the U.S. Federal Reserve chairman speech of Ben Bernanke has disappointed investors.

Fed Chairman Ben Bernanke on Thursday vowed that the central bank is ready to defend the economy if the financial problems will intensify, but did not say anything that would indicate the new monetary incentives.

Investors ignored the sudden decrease in interest rates in China and the European Central Bank on Wednesday kept the main rate at 1 per cent in spite of international pressure.

The market also adversely affected by reports of sharper than expected decline in industrial production in Italy and most significantly for the two-year decrease in imports of Germany in April.

The June gold futures on the COMEX today fell to 1566.5 dollars per ounce.