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LAST week, the European Stability Mechanism (i.e. the Eurozone bailout fund) was questioned by German court of its legality to help bailout ailing economies.
GOLD prices edged higher last week to 1683.45 regions before plunging rapidly on Tuesday. The pullback brought yellow metal prices to as low as 1612.38 regions during mid-week as greenback strengthened. By Friday, the market stabilised around 1630.00 regions amid the long weekend for Good Friday.
GOLD prices came under pressure last week after it slid from top 1763.09 levels. Generally, the yellow metal was well-resisted at 1750.00 regions as predicted amid better progress at the Greece talk.
GOLD prices rallied strongly and penetrated above 1700.00 benchmarks after Federal Reserve chairman Ben Bernanke signalled the possibility of maintaining the near zero interest rate until 2014.
GOLD prices rallied to 1670.00 regions during early part of last week due to strong fundamental news from the United States and China.
GOLD prices were bullish up to 1662.00 regions last week on news of huge imports to China but reversed down to 1630.00 support area before the weekend.
GOLD prices were bullish last week and rallied US$70 up to 1763.00 regions. Most of the rally can be attributed to the concerted effort by major central banks around the world to cut the swap rate, an attempt to keep fiat money afloat.
GOLD prices traded narrowly from 1666.28 to 1710.00 last week. Eurozone crisis is still the spotlight of media news since Germany strongly opposes the creation of Euro bonds.