Gold fell for the first time in five sessions

The four-day rise in gold prices was halted today, as calm returned to the markets, which reduced the appeal of gold as an alternative investment. Previously, the market was concerned about the fact that the Parliament of Cyprus rejected the agreement with the banks. Today, the markets calmed down after the vote in Cyprus, following which it was decided to reject the program of assistance to the euro zone, and traders are preparing the statements of the Federal Reserve System.

According to experts, the market has been satisfied that the impact of the crisis in Cyprus to other countries would be minimal and that a full-scale default in Cyprus and its subsequent exit from the euro zone could be avoided thanks to the support provided by the European Central Bank in the form of unlimited bond-buying program.

No fear was evident in the government bond market. Bond yields in Spain and Italy fell, despite the fact that demand for German bonds Ultrasafe lowered the cost of financing the 10-year German debt to the lowest level at an auction in July 2012.

Meanwhile, Finance Minister Michalis Sarris Cyprus said talks with his Russian counterpart Anton Siluanov on alternative financial support had been "very constructive."

Investors are waiting for the outcome of the meeting of the Federal Reserve and a news conference by its Chairman Ben Bernanke. If the market will see hints of the central bank tightening, pressure on gold skyrocket.