Gold lower in New York

September 13, 2013

Gold Falls
Gold Falls

Gold was lower on Wednesday, after hitting a three-week low early, pressured by an easing of tensions with Syria and by worries the US Federal Reserve may scale back its monetary stimulus. Bullion’s traditional safe-haven appeal against political turmoil decreased after Syria accepted a Russian proposal on Tuesday to give up chemical weapons and US President Barack Obama in a televised address asked the Congress to postpone a vote authorising military actions.

Analysts said that the crude oil market appears vulnerable to more losses in the near term due to decreasing geopolitical tensions, which may drag other commodities lower. Spot gold inched down 30 cents to $1,363.29 by 1:40 pm EDT (1740 GMT), having earlier fell to its lowest since August 22 at $1,356.85 an ounce. US gold futures for December delivery settled down 20 cents an ounce at $1,363.80. Among other precious metals, silver, which fell to a three-week low of $22.75 an ounce earlier, rebounded 0.8 percent to $23.12. Platinum rose 0.1 percent to $1,469.49 an ounce, while palladium dropped 0.4 percent to $688.47 an ounce. Courtesy Reuters

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