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Weekly Bullions Wrap Up: COMEX Gold Ends With Losses Of $ 7

capital market | Mumbai | February 12, 2014 21:48 IST

Dollar Aggravates Profit Booking In Bullions

COMEX Gold managed to remain above $ 1700 per troy ounce in the week ending 7 December 2012, though it ended with losses of $ 7 per ounce at $ 1705.5 on 7 Dec 2012. During the week, Gold tested a one month low $ 1684 per ounce. Dollar remained a big obstacle for Gold as it continued to move higher against the EURO. The greenback managed gains of 0.6% in the week to end at 1.293 against the Dollar.

Troubles relating to European Union debt situation and improving reports from the US turned tide in favor of Dollar that was at a seven week low. Eurostat said that the euro zone's gross domestic product shrank 0.1% in the July-to-September period, in line with expectations and unchanged from a preliminary estimate.

France agency INSEE said that unemployment rate increased to 9.9% in third quarter, which was 13 year high. The ECB kept interest rates unchanged at record lows of 0.75% and said that the contraction in the economy will continue in the year 2013. This was the fifth straight month when the interest rates were kept unchanged. In US, Department of Labor said the unemployment rate fell to a seasonally adjusted 7.7%, from 7.9% in the preceding month.

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