Gold price lose after expected plan to rescue Cyprus

Europe

Gold price lose after expected plan to rescue Cyprus, Gold price declined under the level of $ 1600 USD/Ounce of gold, after some investors starts to sell gold today to buy stock shares, after admitting Cyprus rescue plan.

the Euro plan today to rescue Cyprus, the Euro zone finance ministers agreed on a rescue package for Cyprus worth 10 billion euros in order to protect its banking system from collapse and to help the survival of the state within the euro zone, Under the agreement, scheduled to reduced  the bank activity of “Ike” – the second largest bank in Cyprus – facing depositors in excess of one hundred thousand euros significant losses because they had to pay taxes on their deposits.

Investors had bought gold as a safe Investment, which made gold price jumped to $ 16011 USD/Ounce of gold in the global markets, after the Euro area crisis renewed fears from global financial collapse.

Asian companies and investors worked as burgin hunters to buy gold in the low level today, the only issue which saved Gold from a huge decline which was expected today. If You had any question about gold price you can ask on @melkirsh, you are welcome any time.