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10.09.2013 15:20

Gold: an overview of the market situation

Gold prices declined significantly today , while losing about 2 percent , after Syria accepted the offer of Russia to give up chemical weapons in order to prevent a strike by the United States .

Note that Russian diplomats over the past day could seriously change the approach to the Syrian issue. Foreign Minister Sergei Lavrov said today that the country will soon submit a concrete plan for the transfer of chemical weapons in Syria under international control. On the eve of Lavrov caught on the word of his colleague, the Secretary of State, John Kerry, who offered to Damascus to voluntarily surrender all chemical weapons and thereby avoid military action. Unexpectedly for many peace initiative has gained quite real. The Russian version is supported by many western countries. And, most importantly , Syria has given its consent . Voting in the U.S. Senate by a military scenario postponed indefinitely.

Analysts say that in recent weeks the cause of rising gold prices has been uncertainty in the Middle East and rising oil prices , but since there is now a partial clarification of the situation and the extinction of concern , the value of the precious metal may continue to decline. Meanwhile, experts predict that gold will remain under pressure in the coming session on the background of the increased uncertainty about the timing and rate of decline of asset purchases by the Federal Reserve System .

In addition, we add that the data presented today showed that the gold reserves in the SPDR Gold Trust fell yesterday by 0.23 % to 917.13 tons from 919,23 tonnes on Friday .

The cost of the October gold futures on COMEX today dropped to $ 1362.00 per ounce.

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