Gold Extends Decline as Cyprus Bailout Plan Seen Hurting Demand
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Gold fell for a third day, poised for the worst run in three weeks, as Cyprus’s bailout damped haven demand even amid concern that its bank-restructuring plan may be used as a template for other European nations.
Gold for immediate delivery lost as much as 0.3 percent to $1,600.14 an ounce and was at $1,602.53 at 3 p.m. in Singapore. Prices touched $1,589.87 yesterday, the lowest since March 15, as the rescue ensured Cyprus averted default. The last time gold fell for at least three days was the period to March 4.