Staff
Precious metal markets are jolted by Cyprus’ decision to shed its gold holding worth €400m (about $530 million) from its reserves.
This is the first time a euro member has decided to sell its excess gold reserves as a result of the ongoing European debt crisis, triggering fears other euro nations may make similar moves, reports FT.com
Hit by the news, the prices fell 1.65% to $1,559 a troy ounce thus further weakening the yellow metal already struggling from a sell-off that started at the beginning of 2013.
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