Gold ends up 3%, silver down 4.5% for the week
Gold ended three percent for the week on the back concerns over inflation threats.
Gold for immediate delivery was seen trading at $1656.54 an ounce while gold for April delivery settled at $1,655.80 an ounce, down $3.70, or 0.2% on the comex division of the New York Mercantile Exchange.
Silver on the other-hand ended 4.5 percent lower for the week despite ending 0.2% for the week.
On Friday, world’s largest gold consumer India doubled import duty to 4% especially for jewelry.
India’s Finance minister Pranab Mukherjee said customs duty on gold and platinum will rise effective March 17 as part of measures to cut the deficit in his 2012/13 budget.
Observers said India’s gold imports could fall in the immediate aftermath but the world’s biggest buyer of bullion is unlikely to be deterred for long by the four percent levy.
Falling dollar also supported the gold futures .The greenback was despite positive US economic data as jobless claims declined by 14,000 in the last week according to the US Labor Department. – Bullionstreet
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