Cyprus simmers, gold rush continues

(AP) Cyprus simmers, gold rush continues
By The Associated Press
Investors kept plowing money into gold on Tuesday, seeking a safe-haven investment as tension over the bank bailout in Cyprus intensified.

Gold for April delivery was up $6.70 to $1,611.30 per ounce, even as prices fell for other key metals, oil and many U.S. stocks.

The financial crisis in Cyprus has thrown markets around the world into disarray since Monday. Europe's bailout plan for the small country included taxing deposits in the country's banks _ essentially making anyone with money in a bank help pay for the bailout. The plan met harsh resistance, and Cyprus lawmakers rejected it on Tuesday.

Benchmark oil for April delivery dropped nearly 2 percent on the New York Mercantile Exchange.

Prices for key agricultural commodities were mixed.


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