Gold futures rise to $ 11 of speculation after prices fell earlier.

Gold futures rise to $ 11 of speculation after prices fell earlier.

Gold futures prices due to speculation. After prices fell heavily earlier. Due to the news that the Government of Cyprus to send a signal that the gold reserves sold out.

Thailand at 21.30 am today. Gold futures market COMEX (Commodity Exchange) for June delivery. York. Was up $ 11 or 0.8% to 1,393.70 U.S. dollars / ounce.

Gold futures rebounded after falling hard earlier. After Mr. Haris Cyprus Finance Ministry says Georgian KGB Cyprus plans to sell some gold reserves within the next few months. The sale must be approved by the Central Bank of Cyprus before.

Central Bank of Cyprus has approximately 16.5 tons of gold reserves, and the assessment of the European Commission recently stated that the Government of Cyprus has agreed to sell. "Excess gold reserves" to raise about 400 million euros (542 million dollars) as part of the conditions for receiving financial assistance to deal with the international creditors.

However, when assessing the possibilities. Cyprus is expected to sell 14 tonnes of gold to raise 400 million euros.

In addition to news of Cyprus. Gold prices also fell in the previous session after Goldman Sachs cut its forecast for gold prices in the period of 3 months up to a level of $ 1,615 / oz, from U.S. $ 1,825 / oz. In the 6 months that Goldman Sachs has cut its forecast for gold prices down to a level of $ 1,600 / oz, from U.S. $ 1,805 / oz. And revised forecasts gold prices from 12 months down to a level of $ 1,550 / oz from $ 1,800 / oz.