Gold Falls to One-Week Low as Cyprus Deal Cuts Haven Use
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Gold futures dropped to a one-week low after Cyprus agreed with euro-area finance ministers on a rescue package, reducing demand for the precious metal as a haven.
Cyprus received a 10 billion-euro ($13 billion) bailout after agreeing late yesterday to shrink its banking system. Gold advanced 1 percent last week amid concern that the European crisis would escalate. The Standard & Poor’s GSCI index of 24 raw materials jumped as much as 1.1 percent.