Cyprus Bailout Worries Push Investors Into Gold

Worries about the Cyprus bank bailout drove investors into the safe haven of gold on Monday.

Gold for April delivery rose $12, nearly 1 percent, to $1,604.60 per ounce.

News about Europe’s bailout plan for cash-strapped Cyprus unsettled many investors, and all three major U.S. stock indexes lost ground. Traders were surprised that the bailout plan included slapping a levy on deposits in the country’s banks.

Silver also rose.

Industrial metals like copper, palladium and platinum all fell, hurt by the Cyprus bailout and news that a measure of homebuilder confidence was down over the month.