Gold Dips on Cyprus Bailout Deal

by Christopher Freeburn | March 25, 2013 4:31 pm

Gold Silver GLD IAU SLV[1]A deal between European finance chiefs and Cyprus officials to bail out the island nation’s insolvent banks raised optimism about the European economy, weakening gold’s appeal as a safe-haven investment. The metal fell slightly in Monday trading.

Last week, European leaders had warned Cyprus that if it couldn’t raise funds to finance its bailout, it could face expulsion from the eurozone.

Gold futures for April delivery dipped 0.1% to $1,604.50 per ounce on Monday, according to CME Group[2]. Gold traded as high as $1,612.80 and as low as $1,588.40. Gold bullion closed in London at $1,606, according to BullionVault[3].

Silver futures for April delivery gained 0.4% to $28.79 per ounce. Monday’s high for silver was $28.80, while the low was $28.52.

Gold and silver funds retreated in Monday trading.

Gold and silver mining ETFs slid during the day.

Gold mining shares moved lower on Monday.

Silver mining shares mostly declined.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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