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Zimbabwe - Monthly Economic Review - March 2013
The prices of gold and platinum declined during the month of February. Gold, which had closed January 2013 at USD 1,670 per ounce, declined and closed February at USD 1,590 per ounce, while platinum declined to USD 1,597 per ounce after closing in January 2013 at USD 1,676 (Table 1). The Federal Open Market Committee’s pledge to maintain low interest rates until mid-2015 and the depreciation of the major currencies against the United States dollar (USD) – particularly the euro, Australian dollar and the yen – were the main drivers of the decline in precious metal prices. The depreciation of these currencies resulted in the price of precious metals becoming expensive in those currencies, subsequently reducing demand for the metals.