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