Gold Drops on Cyprus Bank Calm, Posts Slight Monthly Gain

by Christopher Freeburn | March 28, 2013 4:34 pm

Gold Silver GLD IAU SLV[1]Relative calm in Cyprus as the island nation’s bank re-opened under a European bailout bolstered hopes that the eurozone has avoided another crisis, sending gold down in Thursday trading. The metal closed the month with a 1% gain, though it remains down 5% for the first calendar quarter.

Gold futures for May delivery dropped 0.7% to $1,595.20 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,606.30 and as low as $1,594.20. Gold bullion closed in London at $1,598, according to BullionVault[3].

Silver futures for May delivery fell 1% to $28.32 per ounce. Thursday’s high for silver was $28.81, while the low was $28.17.

Gold and silver funds retreated in Thursday trading.

Gold and silver mining ETFs sank during the day.

Gold mining shares were mixed on Thursday.

Silver mining shares moved lower during the day.

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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