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.