22 March 2013 - Cyprus Crisis Will Continue To Push Gold Price Up

There's no firm decision yet on what is the solution to prevent Cyprus from going into bankruptcy. Lawmakers at Cyprus had on Tuesday voted out the option of taxation of bank savings in order to generate the 5.8 billion euro required to trigger the 10 billion euro emergency funds from European Central Bank. 

Banks in Cyprus have remain closed since Monday to prevent panic withdrawal and ATM's are only allowed to dispense limited cash per person, per day. The worry on the Cyprus crisis is highlighted by this statement from Stephane Ekolo, chief European strategist at Market Securities, London;

Due to the ongoing Cyprus issue, gold price has stayed above the RM160/gram level since Monday. If the situation at Cyprus is resolved, gold price should remain stagnant at this range. On the other hand if the crisis is unresolved, investors will turn to gold at that should see the price of gold breaking the RM162/gram barrier.

Some key financial data as of 22 March 2013 to share:

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