The Real Edge Magazine
Gold suffered its worst price in a week today, led by heavy fund liquidation a day after European Commission documents revealed Cyprus is required to sell around 400 million euros’ worth of gold reserves under its rescue plan.
Prices were also dragged down on heavy outflows from exchange-traded funds, a second decline in six weeks in Goldman Sachs’ 2013 gold price estimate, and insecurity over the U.S. Federal Reserve’s motivation plan.
Gold hit its worst since April 5 of $1,553.10 an ounce after reporting its largest intraday decline since Feb. 20 on Wednesday, accelerating losses after news of the Cyprus gold sale plan.