Physical Gold Responds to Gold Approaching a Three Week High on Cyprus Crisis

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Leading UK gold dealer, Physical Gold, has responded to gold nearing a three week high as a result of the Cyprus crisis.

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With Cyprus rejecting the bailout deal, fresh fear has developed about the eurozone crisis and its effects.

Gold is remaining strong and approaching a three week high off the back of the economic crisis in Cyprus. Cyprus’s parliament voted on Tuesday to reject a proposed levy on bank deposits as a condition for a European bailout.

The rejection of the bailout terms has re-earthed worries about the stability of the eurozone and the possible threat of a default or expulsion of Cyprus from the eurozone – fuelling investors to seek refuge in gold and boosting its appeal as a safe haven.

Spot gold was trading at $1,612.71 an ounce on Tuesday morning, as investors anticipated what move the Cyprus crisis would take next.

A spokesperson from Physical Gold said:

“With Cyprus rejecting the bailout deal, fresh fear has developed about the eurozone crisis and its effects. With limited faith in the eurozone at the moment, it is understandable that investors are looking for options that are more safe and secure and are therefore turning to gold investment for its safe haven qualities and as a hedge against inflation.”

Physical Gold Ltd is a leading UK gold dealer, helping investors diversify their portfolios with innovative investment solutions. Renowned for their ground breaking products such as the Sipp gold and Gold Accumulation Account, the firm specialise in providing customers with tailored assistance in sourcing the best gold for their personal requirements. Based in London, the team are BNTA accredited and have an unrivalled knowledge of the gold market as well as an exceptional understanding of the general financial markets.

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Dan Fisher
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