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

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.

Resolution of Laiki Bank and bail-in of bondholders/depositors in Bank of #Cyprus to raise total of 10.6 bln euros, troika documents show

— Luke Baker (@LukeReuters) April 10, 2013

As part of its rescue programme, Cyprus is going to sell 400 mln euros of #gold reserves, according to documents seen by Reuters

— Luke Baker (@LukeReuters) April 10, 2013

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.