Gold Rises to $1,610/oz on Cyprus Bailout

Gold hit $1,610/oz in further gains on Monday to hit its highest since late February, with some investors drawn to the precious metal’s safe haven properties as a radical bailout package for Cyprus rocke sentiment in the euro zone.

As quoted in market news:

Analysts remained cautious as the details of the bailout were still to be unveiled – euro zone finance ministers will hold a teleconference at 1830 GMT – while the market awaited a Cypriot parliament vote on the measure on Tuesday and worried that depositors elsewhere in the euro zone might face levies.

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