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11.09.2013 15:21

Gold: an overview of the market situation

Gold prices fell slightly today , reaching a three-week low at the same time , that, first of all, was associated with a reduced likelihood of military action against Syria. Note that U.S. President Barack Obama has said that he is open to a diplomatic solution to the crisis of Sitirey , but leaves open the possibility of a military strike .

In a televised speech, Obama asked Congress to postpone a vote on strike on Syria, while sought a diplomatic solution to the issue . Obama , however, said that the United States should strike on Syria if necessary in response to the use of chemical weapons.

On a motion to transfer chemical weapons under international control , Obama said it was too early to say whether the success or the offer and will be able to fire the president of Syria to keep promises.

Analysts say that Syria will now receive less attention of market participants , and the central meeting place will be the U.S. Federal Reserve , which is scheduled for September 17-18 .

Meanwhile, the experts add that the uncertainty in the timing and speed reduction program of asset purchases by the Fed is now putting pressure value of gold and will continue to do so until the central bank did not disclose that information at its meeting next week.

Also, note that the physical demand from Asia and other region remains weak, despite the fact that the price of gold fell below the psychologically key level of $ 1,400 an ounce.

The cost of the October gold futures on COMEX today dropped to $ 1362.50 per ounce.

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