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Gold today fell for a third day on speculation that a rescue for Cyprus will curb demand for the metal as a protection of wealth.
Gold fell 0.5 per cent to $1,596.43 and silver was down 0.2 per cent at $28.77 an ounce.
Bullion fell to $1,589.87 an ounce yesterday, the lowest since March 15, as Cyprus agreed on a bailout. European Central Bank executive board member Benoit Coeure said the ECB will do everything it can to preserve the currency and that the rescue isn’t a model for the rest of the region.
Mongolia and Kazakhstan were among nations that raised gold reserves last month, International Monetary Fund said.
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