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Zimbabwe - Monthly Economic Review - November 2012


In October, gold prices lost the upward momentum recorded since June 2012. The prices fell from US$1,779 per ounce at the end of September to US$1,710 per ounce on the 26th October (Table 1). This was the worst performing month for gold since May 2012. The poor performance was mostly as a result of uncertainty around the economic and political climate in Spain, Greece and Italy. Riots in Greece against austerity measures also affected the bullion prices. A further fall in gold prices was due to the ongoing expectations from the market that the ECB will introduce the bond purchase program for Spanish bonds and the expectations from China to issue additional easing steps to help jump-start its economy

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