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Zimbabwe - Monthly Economic Review - April 2014
The precious metals traded at lower prices in March 2014, compared to the same period in 2013. The gold price lost 19.63 percent of its March 2013 value to average USD1,336. 71 per ounce in March 2014, whilst the platinum price declined by 9.36 percent to average USD1,451.11 per ounce over the same period (Figure 1). The softening of precious metals prices can be attributed to the decrease in demand due to easing of speculative activities following improvement in global economic growth, estimated at 3.6 percent in 2013, which is also estimated by the International Monetary Fund (IMF) to increase to 3.7 in 2014. The decline in prices was also necessitated by the decline in demand by leading importers such as India. According to the World Gold Council, India’s gold imports which, account for 25 percent of global gold demand declined by 4 percent to 825 tonnes in 2013.