US Dallas Fed Manufacturing Business Index up to 7.4 in Mar from 2.2 in Feb

The yellow metal lost its grip on the 1600 level Monday, as it bottomed out at the 1591 mark (intraday low) as investors optimism permeated the markets on news that a Cyprus resolution was to take effect. However, this resolve was evidently short-lived after disparaging remarks from the Chairman of Cypriot Parliamentary Finance Papadoloulos, in which he noted that they must assess benefits of a euro exit. On the heels of these comments, gold prices recovered slightly towards the USD $1597.57 per oz. mark in these moments, still operating negatively Monday.