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18.03.2013 15:22

Gold is going up because of fears for eurozone

Gold prices topped $ 1,600 an ounce for the first time in more than two weeks because of the new investors' fears about the debt crisis in the eurozone.

Euro zone finance ministers proposed a tax on deposits in banks in Cyprus, so he could get 10 billion euros of financial assistance. Parliamentary vote on the issue, originally scheduled for today, has been postponed indefinitely, until Friday, as the Cypriot authorities continue to negotiate the terms of financing, in particular - the taxation of contributions of less than 100 thousand euros.

Demand in the physical market of Asia declined with the increase in prices, the dealer in Singapore and Hong Kong.

Investors are waiting for the outcome of the Fed meeting, which will take place on Tuesday and Wednesday to assess the attitude of the central bank to stimulate action. Stocks of the world's largest gold-exchange-traded fund (ETF) SPDR Gold Trust, meanwhile fell by 3.311 tonnes to 1.232,996 tons - the minimum amount since October 2011.

April futures price of gold on COMEX rose to 1610.40 dollars per ounce.



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