Precious metal down as Cyprus debt fears ease;;bailout hopes rise

摘要

Globally, crude oil and gold prices fell on Friday on easing Cyprus debt worries leading to another volatile week in commodity market. Finally, lawmakers in Cyprus passed the legislation to impose capital controls on its banks and create a "solidarity fund" to pool state assets, according to media reports late on Friday. These measures could help to fulfil conditions for Cyprus to get a Eurozone bailout. With a Monday deadline, Cypriot Lawmakers still need to vote on measures needed to restructure the country's banks and possibly place levies on deposits. Meanwhile, base metals complex sidelined the Cyprus issue and strengthened largely on account of improving data from US Consumer and Chinese PMI announced during the week. Overall, base metals pack was on defensive mode, although prices bounced on Friday. At the same time, currency market investors witnessed US dollar strengthening against ailing rival benchmark currencies including the euro, Japanese yen and British pound.