Under the bailout plan, Cyprus would have seized up to 10% of bank accounts belonging to private citizens in order to finance the bailout. Revelation of the controversial terms led to a wave of outrage and frantic withdrawals. The island nation is facing default, potentially disrupting the euro zone economy.
Gold futures for April delivery climbed 0.4% to $1,611.30 ounce on Tuesday, according to CME Group. Gold traded as high as $1,615 and as low as $1,599. Gold bullion closed in London at $1,614, according to BullionVault.
Silver futures for April delivery dipped 0.1% to $28.82 per ounce. Tuesday’s high for silver was $29.01, while the low was $28.67.
Gold and silver funds mostly rose in Tuesday trading.
- The SPDR Gold Trust (NYSE:GLD) gained 0.4%.
- The iShares Gold Trust (NYSE:IAU) rose 0.6%.
- The iShares Silver Trust (NYSE:SLV) slipped 0.1%.
Gold and silver mining ETFs mostly declined during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL) declined 0.4%.
Gold mining shares were mixed on Tuesday.
- Agnico-Eagle Mines (NYSE:AEM) climbed 1.3%.
- Barrick Gold (NYSE:ABX) dipped 0.1%
- Eldorado Gold (NYSE:EGO) fell 2%.
- Goldcorp (NYSE:GG) moved up 0.2%.
- Kinross Gold (NYSE:KGC) gained 1%.
- Newmont Mining (NYSE:NEM) rose 0.9%.
- NovaGold Resources (AMEX:NG) dropped 1.8%.
- Yamana Gold (NYSE:AUY) surged 2.7%.
Silver mining shares also were also mixed.
- Coeur d’Alene Mines (NYSE:CDE) inched up 0.1%.
- Hecla Mining (NYSE:HL) tumbled 3.3%.
- Pan American Silver (NASDAQ:PAAS) fell 1.4%.
- Silver Wheaton (NYSE:SLW) increased 0.2%.
- Silver Standard Resources (NASDAQ:SSRI) advanced 3.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.