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Zimbabwe - Monthly Economic Review - August 2014
The gold price strengthened by 1.08 percent on annual basis to reach USD1, 362.8 supported by ongoing geopolitical tensions in the Middle East and Ukraine. Conversely, the platinum price softened by 3.32 percent to average USD 1,444.9 per ounce in August, underpinned by weak economic data from Europe and decline in the Chinese Purchasing Manager Index. Brent crude oil price plunged by 6.1 percent amid abundant market supplies and weak demand. Wheat continued to be subdued in August 2014, owing to larger than expected production in Russia, European Union and China as a result of the excellent weather conditions. Maize price continue to be suppressed by improving expectations of ample supplies in the Northern Hemisphere for the 2014/15 season as a result of the favourable conditions.