Weekly Bullion Review: Gold Tamed Down By Cyprus Bailout

Gold....

The yellow metal was tamed down after the bailout of Cyprus and the fact that the rise in interest on Dollar. Earlier in the month, fears that the Federal Reserve will stop its asset buying programmed worth $ 85 billion per month triggered panic in Gold prices. Safe haven appeal remained dented in the week even as Europe continued to jostle with the crisis. Gold has been riding on the back of investment demand in last few years. During the week, Easter holidays made speculators and jewelers sit on the sidelines.
The greenback edged higher by almost one percent in the week and ended against the Euro. ETF continued to slash their holdings in Gold as per a market survey. The holdings of Gold under eight Gold backed exchange traded products declined by 7.2 percent to 70.66 million ounces since December ending. SPDR Gold ETF holdings which are the largest in the world saw a decline of 12 percent to 39.26 million ounces. Gold has been in disarray after a continuous rise for the last twelve years. COMEX Gold for April expiry closed the week at $ 1594.8 per troy ounce, down 0.74 percent.
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