GOLD RECOVERS ON HOPES OF IMPROVEMENT IN GLOBAL ECONOMY OUTLOOK
19th March – 2012
Gold futures showed signs of recovery on first trading session of the week and climbed around half a percent in tandem with other commodities 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. 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 0.6% to settle at $1,665.10 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices inched up 0.3% to $1,665.18 an ounce.
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