Gold sale considered by Cyprus

<p>Cyprus could sell off its gold to raise money.</p>

Cyprus is officially considering selling off its gold reserves in a bid to raise money.

It has been confirmed by the country's government that selling gold is one of the plans that have been proposed to ease the financial difficulties of the nation's economy.

Government spokesman Christos Stylianides told a news briefing on Thursday (April 11th) that selling gold reserves is one of a variety of options currently on the table.

"In its consultations on drafting the memorandum of understanding the Cypriot government included such options so we could have the possibility of meeting financing requirements," he was quoted as saying by Reuters.

Gold has been going through a tricky period in recent weeks and on Thursday fell to its lowest since April 5th at $1,553.10 (£1,010.12) an ounce.

The value of the precious metal experienced a dip recently when the Cyprus bailout was confirmed by the country's government.

On the spot market, the metal was recorded on March 26th at $1,597.10/1,597.90 per ounce, but it has continued to drop since then.

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