Will Gold End the Second Quarter Higher or Lower?
Gold slipped below $1,600 an ounce on Thursday — both the last trading day of the quarter and of the month — as banks reopened in Cyprus for the first time in two weeks without signs of panic withdrawals, sapping demand for low-risk assets.
Gold hit a one-month high of $1,616.36 last week on concerns the $10 billion euro rescue deal for Cyprus, which will leave big depositors and private bondholders with huge losses, could become a template for future bank bailouts in the euro zone.
But a widespread perception that the Cypriot crisis would be contained put the metal on track for its second quarterly decline in a row and analysts were now anticipating sideways trading ahead of the Easter holiday break.
(Read More: Cyprus Bailout Won't Be Euro Zone's Last: Poll)
Gold was down 0.5 percent to $1,597 an ounce. Spot prices were still set for a one percent gain in March, their first monthly rise in six months.
U.S. gold futures dropped 0.4 percent to about $1,600 an ounce.
That said, we want to hear from you — do you think gold will end the second quarter higher or lower?