Gold prices traded in a narrow range and held steady above $1,600 an ounce on Thursday. Worries increased that the Cyprus bailout would serve as a template for addressing banking problems and future bailouts in the euro area, supporting gold’s safe haven appeal.
Spot gold traded around $1605.03 per ounce by 09:00 (GMT+2) after opening at $1604.82, hitting a high of $1607.48 and a low of $1603.38 an ounce.
Silver traded at $28.68 an ounce after opening at $28.66, hitting high at $28.83 and low at $28.64 an ounce.
Last Friday, the Cypriot Parliament voted on capital controls to prevent a massive outflow of money from the banking sector. According to the decree from the Bank of Cyprus, the daily limit on withdrawals will be 300 euros, and transfers to accounts outside Cyprus will be restricted. The bank said that the decree will remain valid for four days.
Gold took advantage of its refuge appeal at times of market turmoil since the bailout deal was reached. The prospect of savers withdrawing money out of other euro zone countries prompted investors to turn to bullion for safety.
The trading range for gold today is expected between the key support at $1590.00 and the key resistance now at $1615.00.
Gold also rallied on hopes that the U.S. Federal Reserve will pump liquidity into the U.S. economy. Top policymakers said the U.S. central bank should maintain its bond-purchases at least through this year.
As of 09:03(GMT+2), the dollar index hovered around 83.07 after opening at 83.20, where it hit a high of 83.21 and a low of 83.07.
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Investors Turn To Bullion For Safety: Gold Holds Above Key $1600
Published 03/28/2013, 05:24 AM
Updated 07/09/2023, 06:31 AM
Investors Turn To Bullion For Safety: Gold Holds Above Key $1600
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