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Gold Prices Recover After Days of Decline

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After days of decline, gold rates in India rose to Rs 33,170 per 10 grams of 22 carats, reflecting the global trend. A weak trend in international prices, strengthening of the rupee against the US dollar had made the metal's import cheaper this week. The Indian rupee ended this week at 70.14 against the dollar at the interbank forex market.

However, in a turn of events, spot gold in the US ended 1.05 percent higher at $1,298.96 an ounce, and also breached the $1,300 ceiling momentarily. Throughout the week, investors had stalled themselves from making any decisions as they awaited the results on China's growth forecast, European Central Bank's monetary policy, and the US jobs data.

Gold Prices Recover After Days of Decline
 

While China slowed down its growth target to 6 to 6.5 percent from 6.6 percent in 2018, EBC's president Mario Draghi said the interest rates would remain at record lows at least until December.

With Asian and European growth clearly expected to slow down, the attention moved to US jobs data that was to be released on Friday.

The report from the American Labor Department, on Friday, showed that the job growth in the US was almost stalled in February as the economy created only 20,000 jobs.

This added to the worries of a global economic slowdown, making traders resort to gold, the safe haven, pushing the rates higher.

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