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.
Find out about commodities trading and learn CFD strategies at City Index.
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.