Market Chatter: Gold Declines in Worst Run Since 2001 as Economic Concerns Ease
"Gold futures headed for the longest run of quarterly declines in 12 years as banks in Cyprus reopened, easing concern that Europe's debt crisis will worsen and curbing demand for haven assets," Bloomberg reported.
It said: "Cyprus's banks opened for the first time in almost two weeks. The U.S. economy grew at a faster pace than previously estimated in the fourth quarter, Commerce Department figures showed today. Gold futures for June delivery slipped 0.6% to $1,598.30 an ounce on the Comex in New York. Prices are heading for the second straight quarterly drop."
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