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Gold trades above three-month high on geopolitical tensions in Syria
By icn.com
Precious-Gold continued advancing to a fifth straight session on Wednesday, trading near the highest level in more than three months led by a possible military strike from the United States and its allies on Syria on alleged use of chemical weapons.
“The indiscriminate slaughter of civilians, the killing of women and children and innocent bystanders by chemical weapons, is a moral obscenity,” U.S. Secretary of State John Kerry said yesterday.
Gold is now benefitting from its safe haven characteristic to resume its upside trend that began since touching a bottom of $1180.64 an ounce on June 28.
The yellow metal is currently trading around $1427.60 an ounce after hitting a high of $1433.45 and a low of $1413.21.
Gold trailed the rise in crude oil which climbed to a high of $112.21 a barrel today from the session’s opening of $109.17 on geopolitical tensions from the oil-rich Arab region.
On the other hand, investors are still uncertain about the future of the Fed’s stimulus plan despite the recent consensus from policymakers to start scaling back non-standard measures if the economy shows signs of improvement.
Data released on Tuesday showed a better-than-expected rise in U.S. consumer confidence to 81.5 in August from an upwardly revised of 81.0, beating forecast of 79.0.
Later in the day, eyes will focus on U.S. pending home sales while tomorrow jobless claims, second quarter GDP (second reading) and personal income will grab attention.
The U.S. dollar rebounded against a basket of major currencies, as depicted by the dollar index, to hover around 81.25 from the session’s opening of 81.15 .
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