Gold Pares Advance After Reaching Highest in Two Weeks on Cyprus
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Gold pared gains to the highest level this month as prices above $1,600 an ounce cooled physical demand. Bullion’s premium over platinum widened to a two-month high as an unprecedented levy on Cyprus bank deposits reignited concern over Europe’s debt crisis.
Gold for immediate delivery rose 0.3 percent to $1,596.95 at 10:19 a.m. in Singapore, after jumping as much as 1.1 percent to $1,608.60, the most expensive since Feb. 27. One ounce of platinum bought as little as 0.9848 ounce of gold today, the least since Jan. 14, data compiled by Bloomberg show.