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Zimbabwe - Monthly Economic Review - January 2014
On a year-on-year basis, the average monthly platinum price declined by 15 percent from USD 1,588 in December 2012 to USD 1,357 in December 2013, while that of gold fell by 27.6 percent to USD 1,223 (Figure 1). On a month-on-month basis, the average platinum price fell by 4.5 percent in December 2013 from USD 1,421 in November 2013 while gold declined by 4.2 percent from USD 1,277 (Figure 1). The fall in gold and platinum prices can be attributed to the decision by the Federal Reserve in December 2013 to taper the third phase of Quantitative Easing (QE3) by USD 10 billion, beginning January 2014. The tapering decision supported a rally in the United States equity markets, which serves as an alternative investment to precious metals.