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

Tuesday, September 3, 2013
By Paul Martin

Gold Core
Tuesday, 3 September 2013

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.

The Rest…HERE

Comments are closed.

Join the revolution in 2018. Revolution Radio is 100% volunteer ran. Any contributions are greatly appreciated. God bless!

Follow us on Twitter