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Gold drops to three-week low as U.S. comes closer to avoiding military strike on Syria
Precious-Gold fell below three-week low on Thursday with mounting expectations a U.S. military strike against Syria could be avoided, while investors’ attention shift to the coming Fed meeting on predictions of seeing an unwind in stimulus.
Gold is currently trading around $1345.73 an ounce after hitting a high of $1365.87 and a low of $1343.83, where the metal’s fall was buoyed by the breach of support at $1356.88 as it represents Daily SMA 100 level.
Meanwhile, there are less worries from Syria on increasing hopes diplomatic efforts would prompt the U.S. to avert any military action.
Later in the day, U.S. Secretary of State John Kerry and Russian foreign Minister Sergei Lavrov will meet in Geneva to discuss the possibility of putting Syria’s chemical weapons under international control.
Bashar al-Assad has accepted the Russian proposal but Obama said he is skeptical about it and urged citizens to be ready for any possible military action if diplomatic methods failed.
Gold has followed the drop in oil which was hit by the ease in worries from the Middle East.
Crude oil for October’s delivery fell today to a low of $107.29 a barrel while it is currently hovering around $107.33.
On the other hand, still there are some expectations the Fed would taper its stimulus during next week’s meeting, where eyes will focus today on U.S. jobless claims data.
Initial jobless claims may have risen for the first in three weeks to 330,000 in the week ended September 6 from a prior of 323,000, according to median forecast.
The USDIX gauge that tracks the dollar’s movements versus a basket of major currencies inched up to 81.50 after touching a low of 81.40.
Among other precious metals, sliver dropped to $22.72 from the day`s opening of $22.97, platinum retreated to $1461.75 from $1470.00, and palladium slipped to $684.20 from $687.50.
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