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Gold today fell from three-week high as investors awaited the US central bank’s latest policy statement amid concerns that Europe’s debt crisis may worsen.
Gold lost 0.1 per cent to $1,610.85 an ounce. It reached $1,615.76 yesterday, the highest since February 26. However, silver was up 0.1 per cent at $28.94 an ounce.
The European Central Bank pledged to provide liquidity to Cyprus after the nation’s lawmakers rejected an unprecedented levy on bank deposits, throwing into limbo a rescue package designed to keep it in the euro.
Gold is down 3.8 per cent this year amid signs the US economy is improving. The Federal Reserve ends a two—day policy meeting today.
Cypriot lawmakers rejected the $7.5 billion bank deposit levy that had been proposed in return for 10 billion euros in external aid.
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