Dhaka, Bangladesh (BBN) – The week ended with gold prices falling to a seven week low after the Federal Reserve acknowledged the recent signs of economic strength and offered insignificant chances of further U.S monetary easing.
The gold prices last stood at US$ 1,647.88 per ounce.
The week started with Gold prices rising nearly 1.0 percent led by higher crude oil prices. Moreover, an encouraging U.S jobs report and the rise in USD added fuel to the rising gold prices.
Greece averting its messy default after its bond swap offer to private creditors also helped in lifting the metal’s price.
The week advanced with fall in prices of the bullion since investors got worried about data showing a massive drop in money managers’ bullish position in Gold and silver futures, a weekly market update said.
Also, China posting its biggest trade deficit in a decade was one of the major reasons for the continued fall in gold prices, the update added.
BBN/SSR/AD-17Mar12-6:20 pm (BST)