International prices of gold bounced back on Wednesday after hitting the lowest level since mid-February on poor physical demand.
Spot gold rose marginally to $1312 on ounce. The metal has been falling in the international markets on worries that interest rates in the US would rise earlier than expected. The fall began last week after Fed Chair Janet Yellen hinted last week that interest rate hikes could begin 6 months after the Fed ends its QE3 tapering programme. Read more on QE3 here
On the MCX spot gold fell by Rs 59 to Rs 28,839, as the rupee gained against the dollar. Gold in India has been losing ground as the rupee keeps appreciating against the dollar.
In the international markets gold fell for the first time in 12 years in 2013 as investors shifted attention to equities.
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