Markets

Crude Oil Sinks on Cyprus Bank Levy, Gold Treading Water

Crude oil is under pressure amid broad-based risk aversion as markets react to details of Cyprus' EU bailout deal emerged. Gold prices are treading water.

Talking Points

  • Crude Oil, Copper Sold on Risk Aversion After Cyprus Bailout Deal
  • Gold, Silver Tread Water as Prices Struggle to Pick Dominant Catalyst

Crude oil and copper prices are tracking sharply lower as broad-based risk aversion sweeps financial markets after the terms of a bailout deal for Cyprus emerged over the weekend. The proposal ties a €10 billion rescue package from the "troika" (EU/ECB/IMF) to a levy on Cyprus banks' accounts. Deposits up to €100,000 are to be taxed at 6.7 percent tax while those above that threshold are to pay out 9.9 percent.Gold and silver are little-changed, with prices caught between upward pressure from store-of-value haven flows and headwinds from an appreciating US Dollar .

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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