Allen Sykora: “Market Nuggets: Commerzbank: Gold Eases On Profit-Taking” – Kitco

Posted on :Aug 29, 2013

By: Allen Sykora


August 29, 2013

Gold has eased on apparent profit-taking after a recent run-up on geopolitical tensions involving Syria, says Commerzbank. As of 7:51 a.m. EDT, spot gold was down $5.35 to $1,412.70 an ounce. On Wednesday, the metal hit $1,433.85, its strongest level since mid-May. “Despite the geopolitical risks, some market players clearly regard the latest price rise – gold had gained by up to 16% in just two months – to be exaggerated and have decided to take profits while they can,” Commerzbank says. “The picture for silver is almost identical. The white precious metal briefly exceeded the $25 mark again yesterday for the first time since mid-April but has…fallen to a weekly low of (around) $23.70 per troy ounce.”

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