Cyprus Gold selling not yet confirmed
Cyprus government spokesman said sale of its gold reserves was among the options for its contribution towards an international bailout, but ultimate responsibility rested with its central bank.
Conflicting reports about Cyprus's gold selling failed to support the yellow metal as it heads towards yet another weekly drop.
According to a spokesman from Cyprus central bank, any sale of gold reserves had to be approved by the board of the central bank, and it was not presently on the board's agenda.
The sale plan, set out in a draft assessment of Cypriot financing needs prepared by the European Commission, would be the first major gold disposal by a euro area central bank since France sold 17.4 tonnes of gold in the first half of 2009.
Meanwhile, a Cyprus government spokesman said sale of its gold reserves was among the options for its contribution towards an international bailout, but ultimate responsibility rested with its central bank.
Crisis hit Cyprus has to sell some of its gold reserves to raise about 400 million euros to finance its part of the bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
Cyprus's central bank February accounts showed the island had gold reserves worth 563.4 million euros.
Cyprus was in deep trouble as the island nation was forced to accept tough terms for bailout deal such as depositors with more than 100,000 euros in savings to bear part of the cost of the rescue.
Assets in the SPDR Gold Trust, the biggest exchange-traded product backed by bullion, fell to 1,183.53 metric tons Wednesday, the least since May 2010. Goldman Sachs Group Inc.
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