Jump in Euros “Confirms Gold as Safe Haven” as Cyprus Imposes Eurozone’s First-Ever Exchange Controls

Thursday, March 28, 2013
By Paul Martin

From Adrian Ash
GoldSeek.com
Thursday, 28 March 2013

The GOLD PRICE slipped back to $1600 per ounce Thursday morning in London, heading into the 4-day Easter weekend 1.3% higher from the start of March.

Silver bullion was flat for the month at $28.65 after recovering yesterday’s sharp 2.3% drop.

European stock markets shrugged off overnight falls in Asia to trade 0.5% higher by lunchtime, while commodities ticked lower.

The Euro currency meantime crept back above $1.28 – a four-month low when broken on Wednesday.

North Korea today kept open a key border crossing despite cutting the last of 3 telephone “hotlines” to the South, citing “hostilie action” by Seoul and Washington, on Wednesday.

“Gold lived up to its status as a safe haven again after all yesterday afternoon,” says Eugen Weinberg’s team at Commerzbank in Frankfurt, noting the two-month high at €1260 per ounce hit by gold in Euro terms.

“The uncertainty over the Cyprus crisis…should lend support to gold demand.”

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