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Zimbabwe - Monthly Economic Review - February 2013
Gold and platinum prices took an upward trend for the greater part of January. The gold price rose from USD 1,640 per ounce as at 4 January to USD 1,689 per ounce by mid-January before closing the month at USD 1,665 per ounce (Table 1). The Indian Government’s decision to raise its import taxes on gold, reducing demand in the process, was the main driver of the decline in the gold price at the end of January. The depreciation of the rupee against the United States dollar (USD) also led to a slowdown in demand of gold in India, which is a leading importer of gold.