GOLD REBOUNDS AS US DOLLAR DEPRECIATES
Date: 20/3/2012
Gold prices rebound on first trading session of a fresh week and climbed over half a percent on hopes of improvement in global economy outlook after the IMF’s chief Christine Lagarde opined that measures taken to fight financial woes in Europe and the US were starting to pay off. The weakness in American greenback against a basket of currencies too propped bullion buying amid reports that central banks stepped up purchases of the precious metal last week through the Bank for International Settlements. However, the upside in yellow metal prices remained capped as worries over the bullions demand surfaced after world’s biggest consumer - India doubled import duty on the precious metal to 4 percent, which would discourage local demand, especially for jewelry.
Gold futures for April delivery climbed $11.50 or 0.7% to settle at $1,667.30 an ounce after trading as high as $1,670.10 and as low as $1,652.30 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices advanced 0.6% to $1,662.66 an ounce.
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