Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro ($13 billion) bailout. That piece of so called "good" news caused Gold Price to dip below RM160/gram barrier for the first time.
Gold price fell to a low of RM157/gram before making recovery to RM159.89/gram as of writing. Gold investors banking on the collapse of the Cyprus bailout were left disappointed as the previous one week gain in gold price were wiped out within a day.
With the Cyprus crisis temporarily averted, there is not much action to be seen from gold. Overall outlook of gold price remains uncertain and could stagnate at this price range for the next couple of months unless some unfavorable data are released by the Feds or another Euro country springs a debt crisis surprise.
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