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Gold Steadies As Worries From Syria Ease, U.S. Data Eyed

ByICN.com
Published 09/02/2013, 04:14 AM
Updated 07/09/2023, 06:31 AM
GC
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Precious-Gold stood at the beginning of the week as investors’ attention shift from Syria strike to Fed stimulus.Gold is currently trading around $1392.94 an ounce after hitting a high of $1398.01 and a low of $1373.71.The shiny metal failed to end last week on a gain, but closed August on an advance as it benefited from threats of a military action from the U.S. and its allies on Al-Assad for using chemical weapons.

Fears have eased after U.S. President Barack Obama surprisingly have made a shift in his position as he will seek approval from the U.S. Congress before launching any military strike on Syria. Obama's decision has delayed any military action until getting an unguaranteed approval from the Congress, which will take at least 10 days, if it comes at all. Prime Minister David Cameron has lost a vote in the Parliament, which would rule out the participation of the U.K. in any possible military work on Syria.

Now, the main focus will turn to U.S. data due this week as investors aim to gather clues about the timing of the Fed stimulus taper, where the most improvement have showed progress.Eyes will focus on U.S. non-farm payrolls report for August as it will give an update about the status of the labor market.With the improvement in data, gold is facing a pressure from the possibility of seeing a start in withdrawing QE to $65 billion a month in the coming Fed meeting on September 17-18.

Data released yesterday from China showed progress in manufacturing as the PMI gauge rose to 51 in August from a prior of 50.3.

From a technical perspective, gold halted its rally after it failed to remain above key level of $1400, noting that it fell from 3-1/2 month high of $1,433.31 hit last week.

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