International prices of spot gold rallied, as worries over a Cyprus bailout pushed prices to a three week high of $1608 an ounce.
Investors were back buying into the safe haven asset after a decision by the euro zone to force depositors in Cyprus to contribute towards a bailout left markets worried over spread of the contagion to other regions in the euro zone region.
This saw an investor sell-off in equities and interest back in gold and the dollar. There was a huge sell-off in equities across Asia and a shift towards gold. The Hong Kong Hang Sang was down 2 per cent,while the Japanese Nikkei was down 1.94 per cent In trade today.
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