Investing.com - Gold futures traded lower in the early part of Tuesday’s Asian session as fears regarding a U.S. military strike against Syria ebbed.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery fell 0.27% to USD1,392 per troy ounce in Asian trading Tuesday. The October contract settled lower by 0.27% on Monday when U.S. markets were closed for a public holiday.
Gold futures were likely to find support at USD1,368.40 a troy ounce, the low from August 23 and near-term resistance at USD1,411.10, the high from August 30.
U.S. President Barack Obama said Saturday that he will first seek approval from Congress before ordering a military strike against Syria. A decision is not expected before September 9, when U.S. lawmakers return from their summer recess.
Gold and oil prices had risen in anticipation of a Western offensive against Syria after it became evident the country used chemical weapons against its own citizens. However, the U.K. parliament last week voted against such a strike and President Obama has pledge to seek congressional approval, headlines that have helped diminish fears that a strike against Syria is imminent.
Gold traders now looked ahead to key macroeconomic data later this week that will determine when the U.S. will begin withdrawing its stimulus measures.
The U.S. will release a closely watched report on U.S. nonfarm payrolls on Friday amid ongoing speculation over when the Federal Reserve will start to taper its USD85 billion-a-month bond-buying program.
Elsewhere, Comex silver for December delivery surged 2.96% to USD24.208 per ounce while copper for December delivery rose 0.36% to USD3.311 per ounce.
On the Comex division of the New York Mercantile Exchange, gold futures for October delivery fell 0.27% to USD1,392 per troy ounce in Asian trading Tuesday. The October contract settled lower by 0.27% on Monday when U.S. markets were closed for a public holiday.
Gold futures were likely to find support at USD1,368.40 a troy ounce, the low from August 23 and near-term resistance at USD1,411.10, the high from August 30.
U.S. President Barack Obama said Saturday that he will first seek approval from Congress before ordering a military strike against Syria. A decision is not expected before September 9, when U.S. lawmakers return from their summer recess.
Gold and oil prices had risen in anticipation of a Western offensive against Syria after it became evident the country used chemical weapons against its own citizens. However, the U.K. parliament last week voted against such a strike and President Obama has pledge to seek congressional approval, headlines that have helped diminish fears that a strike against Syria is imminent.
Gold traders now looked ahead to key macroeconomic data later this week that will determine when the U.S. will begin withdrawing its stimulus measures.
The U.S. will release a closely watched report on U.S. nonfarm payrolls on Friday amid ongoing speculation over when the Federal Reserve will start to taper its USD85 billion-a-month bond-buying program.
Elsewhere, Comex silver for December delivery surged 2.96% to USD24.208 per ounce while copper for December delivery rose 0.36% to USD3.311 per ounce.