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Gold prices fell today, as demand for safe-haven on the decline after Cyprus had reached an agreement in respect of financial assistance, as well as the background of the European Central Bank has tried to allay concern that the rescue could have negative consequences for other countries the euro area.
While Cyprus deal with international lenders on how to close the second largest bank in the country in exchange for 10 million euros ($ 13 billion) rescue equipment has helped to remove the immediate risk of financial collapse, investors were concerned that this could create a new precedent in the restructuring of the banking sector in the eurozone.
Note that gold, which usually benefits from economic uncertainty, last week rose to a three-week high of $ 1,616.36 on fears about salvation Cyprus, but was unable to gain a foothold there, down to the last week's low of $ 1,589.49. However, the spot price of gold is still on the way to the first monthly increase since October of last year.
We add that the data released today also showed that the gold in the SPDR Gold remained at 1,221.26 tonnes as compared to the previous day. Note that this year's reserves in SPDR Gold Trust fell by almost 130 tons, after increasing by 96 tons in 2012.April futures price of gold on the COMEX fell to 1598.80 dollars per ounce.
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