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The cost of gold futures declined moderately , falling below $ 1,400 an ounce on speculation that a U.S. military strike on Syria is already looking less likely. In addition, the course of trade continue to impact the stronger U.S. data that confirm expectations that the Federal Reserve may reduce the size of the program to purchase assets in the near future .
Note that yesterday , U.S. officials acknowledged that they did not have conclusive evidence that Syrian President Bashar al- Assad personally ordered the use of chemical weapons against civilians in the past week. In addition, we add that the UK Parliament has decided not to participate in any military operation led by the United States against Syria.
As for the data, one of the reports in the U.S. showed that the PMI Managers Association in Chicago with correction for August rose to 53.0 against 52.3 in July. The growth was slightly weaker than economists' expectations of 53.2 . Recall that values above 50 are an indicator of accelerated growth in the economy. All the components in July were in the expansion , with growth compared to the previous month showed the sector procurement prices and new orders , a decrease was observed in the sectors of employment and deliveries.
Investors scrutinize economic data to gauge the strength of the economic recovery and to predict when the Federal Reserve will cut back its program to purchase assets , which now costs $ 85 billion a month. The early termination of stimulation may impair such assets like gold, which received support from the central bank in the past four years.
The cost of the October gold futures on COMEX today dropped to $ 1396.80 per ounce.
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