While a strong U.S. dollar continues to put pressure on gold prices, many investors are showing confidence in gold after it fared well during yesterday’s sell off. “Gold is just moving with the U.S. dollar,” MKS Finance head of trading Afshin Nabavi said. “Yesterday, below the $1,570 level, we saw some light physical related interest come in. Today it has been very quiet.” The euro/dollar exchange rate has been a primary driver in day to day movement in gold.
Global unrest adds to the cloud of global economic uncertainty. The Syrian conflict continues to be a source of concern as rebel troops and forces of embattled President Bashar al-Assad continue to clash. US concerns were increased as Damascus has admitted it has, and is willing to use chemical and biological arms in the event of what it calls foreign intervention. U.S. President Barack Obama said the world would hold Assad and his entourage accountable “should they make the tragic mistake of using those (chemical) weapons“
At 1:00 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,576.40, Down $2.50.
- Silver, $26.85, Down $0.28.
- Platinum, $1,386.80, Down $12.10.
- Palladium, $562.90, Down $9.10.
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