
Gold futures on the COMEX division of the New York Mercantile Exchange on Wednesday went down to settle at their lowest in nearly two weeks, as the U.S. faced opposition from Russia on a military strike against Syria, eroding demand for gold as a safe haven. The most active gold contract for December delivery lost 22 dollars, or 1.56 percent, to settle at 1,390 dollars per ounce. According to reports, Russian President Vladimir Putin said he would only support a United Nations resolution for military strikes if there's conclusive proof that the Syrian government used chemical weapons on its people. Market analysts say Russia's objections are taking some premium out of gold as it's becoming increasingly clear that U.S. will face opposition. Futhermore, the tapering worries remain on the timing for the U.S. Federal Reserve to scale back its monetary stimulus program. The U.S. Federal Reserve will release a report Wednesday on regional economies. Gold price has dropped 17 percent this year, entering a bear market in April, after some investors lost faith in the precious metal amid low U.S. inflation. With gold's moving lower on the day, some analysts believe it is counterintuitive, however, traders usually "buy the rumor, sell the fact." Silver for December delivery dropped 1.014 dollars, or 4.15 percent, to close at 23.415 dollars per ounce.
GMT 19:47 2018 Saturday ,06 January
Global stocks extend rally; London hits record peakGMT 19:22 2018 Wednesday ,03 January
Worldwide stocks start year on a highGMT 10:37 2018 Wednesday ,03 January
Asian markets build on gains, dollar faces further weaknessGMT 17:30 2017 Sunday ,31 December
London stocks end year on record highGMT 18:04 2017 Thursday ,28 December
Miners boost stocks in thin holiday tradingGMT 18:51 2017 Monday ,25 December
Oman’s share index falls on lack of buying supportGMT 08:49 2017 Sunday ,24 December
'Virtual gold' may glitter, but mining it can be really dirtyGMT 17:45 2017 Saturday ,23 December
Madrid stocks sink on Catalan woes; London hits record
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor