Gold Rises Towards $1,400 After Russia Says Missiles Fired At Syria

Today’s AM fix was USD 1,391.25, EUR 1,056.06 and GBP 893.09 per ounce. 
Yesterday’s AM fix was USD 1,391.25, EUR 1,052.46 and GBP 893.14 per ounce.  
London’s PM fix was USD 1,392.25, EUR 1,054.49 and GBP 893.843 per ounce.

Yesterday the U.S. observed a national holiday and the COMEX was closed.

Gold, silver and brent oil rose and European stocks declined after reports of missile launches in the Mediterranean. Russian radar detected two ballistic "objects" that were fired towards the Syrian coastline from the central part of the sea.


Gold in USD, 1 Day – (GoldCore)

Gold recovered from early losses and climbed toward $1,400 an ounce, after Interfax reported that Russia detected that two missiles had been launched. The missiles appear to be headed toward the eastern Mediterranean, RIA Novosti reported, citing comments Russian Defense Minister Sergei Shoigu made to President Vladimir Putin. 

The reports led to some safe haven buying of gold. Gold for immediate delivery rose 0.5% to $1,399/oz soon after the reports. 

The FTSE, DAX and CAC all fell by between 0.4% and 1% in volatile conditions as traders sought more information about the missile launches. Brent crude climbed 0.6% to $115.04 a barrel. At one point it surged 1.6% and reached a six month high of $117.34.

The Russian embassy in Syria said there was no sign of a missile attack or of explosions in Damascus. The Ministry of Defence in London confirmed that the missiles were not British.

The Israeli military initially said it was "not aware" of any missile launch in the Eastern Mediterranean according to the Daily Telegraph. Reuters have just reported that Israel has now said that it carried out joint missile test with U.S.

Russia earlier today had criticised the United States for sending warships close to Syria, saying the deployments would exacerbate tension as Washington prepares for a possible military strike.

Gold had edged down for its fourth consecutive day prior to the missile reports, while the U.S. dollar has reached a seven week high ahead of U.S. economic data that will help determine the state of the U.S. economy.


Gold in USD, 5 Year – (GoldCore)

Gold rallied from its low in June of $1,180.50/oz but has fallen from its three month high on August 28th of $1,433.83/oz due to a delay of the U.S. military attack on Syria.

Gold has rallied 17% since the end of June as lower prices boosted demand, particularly in China and Asia. 

Gold looks set to rebound as spending cuts by producers and the closure of many increasingly costly mining operations leads to a further reduction in supply while aggregate global demand remains robust.

Geopolitical risk continues to be underestimated and the missile reports this morning underscore the importance of having an allocation to gold bullion.

NEWS
Gold slips for fourth session as Syria worries, strong data weigh – Reuters

Gold Little Changed Above 1-Week Low as Investors Assess Economy – Bloomberg

India to bring in more measures to curb gold imports – Mineweb

Gold Borrowing Costs Drop as Forward Rates Turn Positive – Bloomberg

COMMENTARY
The Alchemist (August 2013) – LBMA

"Explosive" September Straight Ahead – Zero Hedge

Gold: A Bombed Out Market Is Bottoming – GoldSeek

Massive Debt Levels Will Push Silver To $150 And Beyond – SilverSeek

Of Bullion, Backwardation and Buffett – GATA

For breaking news and commentary on financial markets and gold, follow us on
Twitter.

Mark O'Byrne

Also on news-goldcore-com

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE
Newsletter
Category
Archives
Popular

No posts available

Videos

Tavi Costa- The Fed is Trapped

Silver Market Predictions – Ed Steer Talks about the Silver & Gold Price

Are We In A Financial Bubble? Peter Grandich Interview

Blog posts

Lawrence Lepard – Living in a World with Inflation

Lawrence Lepard Portfolio Manager and advocate of sound money, is our guest on this episode of GoldCore TV. With 40% of money in the US being created in the last 2 years, we ask Lawrence if the Fed is trapped. If so will this mean that it is going to be very difficult for them […]

READ MORE

Supply Chain Crisis Effects on Gold & Silver

The broken chain – could the supply crunch be worse than the oil crunch of the 1970s Anyone that has bought a new or used car in the last year has faced higher prices and long wait times for delivery. This is all because of the very small but essential semiconductor, which is in short […]

READ MORE

This is a Long Term Bullish Pattern for Gold – Gareth Soloway on GoldCore TV

“This is a long term bullish pattern for gold!” – Gareth Soloway Gold In this latest episode of GoldCore TV, Gareth Soloway joins Dave Russell to discuss what what the charts are suggesting for the stock markets, bond markets and #bitcoin. In addition to this he also takes a look at his gold price forecast 2021 and beyond.Gareth identifies the key levels that […]

READ MORE

Featured

Gold, the Tried-and-True Inflation Hedge for What’s Coming!

READ MORE

How High is Too High for Rising Government Bond Yields?

READ MORE

Silver – 7 Reasons it is Still Set to Soar

READ MORE