Gold values expected to increase in the next quarter because of the current Cyprus crisis. Many have opted to purchase gold as safe haven investment, causing market prices to surge to a three week record high.
The gold bullion values have been at its highest since February 26, earning a value of US$1,616.36 an ounce. With Cyprus still scrambling to secure a bailout plan to prevent a financial meltdown, many citizens have been gobbling up gold in the market as a safety net as currencies worldwide are affected by this crisis.
While spot gold prices fell 0.2% at 1124 GMT last Friday, the overall increase was still at 1.3% and still rising. In Euro terms, the precious yellow metal has increased by 2.6% this week in its strongest gain since November of 2012. As for US gold futures for April, the values were down 0.1% to US$1,611.60 per ounce.
Join the Conversation