Gold gained for the first time in four sessions
for the first time in four sessions after Israel
tested its missile-defense system, fueling concern that tensions in the Middle East will escalate and boosting the appeal of
oil markets were rattled by what Israel
described as a joint flight test with the U.S.
of its Arrow missile-interception system over the Mediterranean
Sea. President Barack Obama is stepping up lobbying since saying
on Aug. 31 that he would seek the authorization of Congress to attack Syria for
alleged use of chemical weapons. Gold climbed 6.3 percent last month, the
second straight advance.
futures for December delivery rose 0.3 percent to $1,400.50 an ounce at 10:20
a.m. on the Comex in New York.
Comex floor trading was closed yesterday for the Labor Day holiday and
yesterday’s transactions on the Globex electronic system will be booked with
today’s trades for settlement purposes.
pared advances after a private report showed expansion for U.S.
manufacturing, raising concern that the economy has gained enough traction for
the Federal Reserve to cut its stimulus program. The metal has dropped 16
percent this year as some investors lost faith in bullion as a store of value
and as demand for an inflation hedge diminished on signs the Fed will taper its