Gold markets rocked by Cyprus plan

Precious metal markets are jolted by Cyprus’ decision to shed its gold holding worth €400m (about $530 million) from its reserves. This is the first time a euro member has decided to sell its excess gold reserves as a result of the ongoing European debt crisis, triggering fears other euro nations may make similar moves, […]

By Staff | April 11, 2013 | Last updated on April 11, 2013

1 min read

Precious metal markets are jolted by Cyprus’ decision to shed its gold holding worth €400m (about $530 million) from its reserves.

This is the first time a euro member has decided to sell its excess gold reserves as a result of the ongoing European debt crisis, triggering fears other euro nations may make similar moves, reports FT.com

Hit by the news, the prices fell 1.65% to $1,559 a troy ounce thus further weakening the yellow metal already struggling from a sell-off that started at the beginning of 2013.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.

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