On a weekly basis, spot gold prices declined on the back of escalating concerns over Europe’s debt crisis and weak economic data from the US which resulted choppy sentiments in the global markets in the initial part of the week.
In the mid week, gold prices trimmed most of its losses due to positive growth forecast from the International Monetary Fund (IMF) which raised its 2012 global economic growth forecast to 3.5 percent from the previous 3.3 percent. Additionally, successful Spanish bond auctions also helped to improve market sentiments in the later part of the week which also helped gold to recover most of its losses.
On the MCX, Gold June contract rose around 0.3 percent and touched a high of Rs.28,780/10 gms last week. The Indian Rupee depreciated sharply by 1 percent last week and a weaker Rupee led gains on the domestic platform.
Holdings in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, remained unchanged at 1,286.17 tonnes by 20th April 2012. While on a year-to-date basis, gold holdings rose by around 2.5 percent from the previous level of 1,254.57 tonnes on 31st December 2011.
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