Gold drops as Cyprus bailout concerns ease

Source: Dukascopy Bank SA
Precious metals were mixed on Friday amid easing concerns over Cyprus bailout. Cypriot President Nicos Anastasiades has approached the EU leaders with the new plan on the bailout that would only tax deposits over EUR100,000. At the same time, weaker US Dollar coupled with expectations of robust physical demand in India supported the commodity sector.

Gold declined as easing worries over Cyprus bailout dampened safe haven appeal of the yellow metal. However, gold may draw strength from bright demand prospects in India. India's gold consumption is likely to attain 865 metric tonnes to 960 tonnes in 2013, compared to 864.2 tonnes in 2012, reported Somasundaram P.R. from the World Gold Council for India.

Silver slid the most in three weeks. Weakness in gold prices coupled with optimism over Cyprus bailout sent the grey metal lower. Adding pressure, China's silver imports declined to a four-year low in February.

Platinum and Palladium jumped on improved risk appetite after Cyprus proposed the new bailout plan. Moreover, the precious metals were supported by deficit concerns and expectations of robust automobile demand across the globe.
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