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The markets closed down today on Wall Street. Selling pressure was assisted by an unexpected slide in homebuilder confidence.
At the close: DJIA: -0.43%, S&P 500: -0.55%, NASDAQ: -0.35%.
Gold (NYSEARCA:GLD) futures for April delivery, the most active contract, increased $12.00 to close at $1,604.60 per ounce, while silver (NYSEARCA:SLV) futures for May edged 2 cents higher to finish at $28.87. It was gold’s first close above $1,600 since February.
Both precious metals received support as the euro sank to 3-month lows. Over the weekend, it was made public that depositors in Cyprus will have between 6.75 percent and 9.9 percent of their savings confiscated to rescue the country’s banking system. The move is part of a 10-billion-euro bailout plan from the International Monetary Fund and the euro zone. Bondholders were spared from the unprecedented strategy.
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