Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

REPORT: Cyprus Will Sell €400 Million Of Gold Reserves To Bail Out Its Banks

Matthew BoeslerApr 10, 2013, 20:17 IST

Reuters is reporting that Cyprus will raise 400 million euros by selling part of its official gold reserves in order to finance a bailout of its banks.

Gold has been taking a beating in today's trading session. Right now, the shiny yellow metal is down 1 percent, near its lowest level of the day.