Gold today swung between gains and losses as investors weighed slowing physical demand against concern that Europe’s debt crisis may worsen.
Gold was little changed at $1,599.91 an ounce. Prices gained 0.3 per cent and fell 0.1 per cent. Silver lost less than 0.1 per cent to $28.03 an ounce, after reaching $27.89 yesterday, the lowest level since August 16.
Government officials in Cyprus will seek easier bailout terms in talks with representatives of the European Union and International Monetary Fund today, before a meeting of euro-area finance officials later this week.
The US Mint sold 62,000 ounces of American Eagle gold coins last month, compared with 80,500 for all of February and 150,000 in January. Holdings in gold-backed exchange-traded products are down about 6.9 per cent this year.