Despite the setback in gold prices due to the euro zone\'s bailout of indebted Cyprus, the gold might see a comeback if unwelcome developments in the euro zone reoccur, said an expert on Saturday. Gold prices fell over the last week by 12 U.S. dollars or 0.74 percent to 1,597 dollars. In his weekly e-mailed commentary on precious metals, Gerhard Schubert, head of precious metals at bank Emirates NBD, said \" Cyprus is done and dusted, at least for the gold trading community. \" The 17-member states comprising the currency union agreed on March 17 to bail out Cyprus with 10 billion euros (12.88 billion dollars) on the condition that bank accounts with capital less than 100,000 euros (128,000 dollars) are fully guaranteed by commercial banks. The Cypriote parliament permitted the plan Tuesday. Schubert said the rhetoric concerning the Cypriot bail-out conditions might be a blueprint for further \"rescues\" which will not increase the confidence of the depositing euro zone population into leaving large amounts of cash within the euro banking system. Regarding further support for the yellow metal, Schubert noted the list of central banks involved in any kind of gold related currency diversification is growing consistently. \"These purchases are building some kind of backbone for the physical markets and that could help to strengthen the base building in the high 1,500 dollars levels.\"
GMT 09:43 2018 Tuesday ,23 January
Global unemployment down but working poverty rampantGMT 15:13 2018 Sunday ,21 January
All you need to know about Davos 2018GMT 22:33 2018 Saturday ,20 January
Calls for action over dirty money flowingGMT 04:42 2018 Saturday ,20 January
Storm caused 90 mn euros in damage: Dutch insurersGMT 07:06 2018 Friday ,19 January
China economy rebounds in 2017 with 6.9% growthGMT 11:35 2018 Thursday ,18 January
'Massive' infrastructure spending needed in AfricaGMT 14:29 2018 Wednesday ,17 January
GE takes one-off hit of $6.2 bn linked to insurance activitiesGMT 18:55 2018 Tuesday ,16 January
London stock market edges to new high

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor