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International gold prices ended December on a negative note; it declined 3.9% as resurgence in the global economy dented the metal’s safe haven appeal. Gold prices fell sharply - by 28% - in 2013. Gold prices closed the month at $1,205 per ounce on December 30 compared with $1,253 on November 29 on the London Bullion Market Association (LBMA). Gold prices had started off on a dim note in the early part of the month as positive US economic reports stoked fears of early end to the US Fed’s stimulus program.

 

Sentiments weakened further after the US Fed said that it will trim its $85 bn a month bond purchases by $10 bn starting January 2014, and will make similar cuts if economic gains continue. Sporadic rise in the dollar also weighed on gold prices. On the domestic front, Indian gold prices too followed the global negative trend; it closed the month at Rs. 29,140 per 10 grams on December 31 - compared with Rs. 30,700 per 10 grams on November 29 - on the back of sluggish demand at prevailing high levels and weak global trend. Meanwhile, Reserve Bank of India (RBI) suggested a review of the restrictions on gold imports during a discussion with the finance ministry. The RBI issued a notification allowing refineries to import gold dore up to 15% of their gross average viable quantity, based on the permission they have under the licence.

 

 

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