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Gold ended the week slightly lower at the close of market on Friday at $1107.60 in comparison to the euro which rose 2.2% to 818.
With the dollar showing sign of gaining in strength recently, gold prices have remained resilient. Speculation appears to be fuelling the recent flurry to buy gold as a hedge against paper currencies.
India’s Central Bank lowered interest rates this week in an effort to slow down their high inflation rate which made for some sell off of gold. The resulting dip in the gold prices, however, saw Indian jewellers grabbing the opportunity to buy gold in preparation for the up and coming wedding season which begins in April. |