Gold Loses Safe Haven Appeal on Cypress-Greece Deal

Reuters reported that gold pulled back on Friday, but was still on pace to mark a weekly gain, as its safe haven appeal diminished on news of a Cypress-Greece deal .

As quoted in the market report:

The appeal of gold could return after a delay, as occurred in the immediate aftermath of the financial crisis in 2008. But should gold fail to respond, it is running out of catalysts to drive prices higher,” said Suki Cooper, precious metals strategist at Barclays Capital.

To view the whole Reuters report, click here.