Weekly Bullion Review: Gold Tamed Down By 0.86% In A Week

NEW YORK (Aug 3) The yellow metal settled at $ 1310.5 per troy ounce, in Comex, down 0.86% from last week. Gold prices remained under a scan of bears in the week ending 2 August 2013.The report of addition of fewer jobs in US resulted in Gold not losing further ground. The report from US labor department showed that the US economy added only 162000 jobs in July compared to 183000 jobs expected by economists. This eased worries that US would be reducing the stimulus of $ 85 billion bond buying soon.

Meanwhile, India, which is the top consumer of Gold in the world is witnessing stricter stance from its policy makers. After increasing the import duty, RBI late last month asked all the importers, which are nominated bankers, and authorized agencies to keep at least 1/5th of every lot of Gold imported exclusively for exports. The gold imported will be specifically given for the purpose of domestic use by jewellers, dealers of bullions that supply this gold to jewellers.

Gold had thrived in the last decade due to heavy investment demand. The stepping back of investors from Gold and back to US Dollars has scratched 23% from the metal value in 2013.