Debbie Carlson: “Market Nuggets: Gold Drops As Assad Accepts Russian Proposal, Awaits Obama Speech” – Kitco

Posted on :Sep 10, 2013

By: Debbie Carlson

Kitco

September 10 2013

Gold prices are holding just above last week’s low of $1,358.80 an  ounce, basis the December Comex futures contract, as news reports say that  Syrian President Assad accepted Russian plans to destroy its chemical weapons  cache, market watchers say. “Disappointed longs sold gold after Syria accepted  Russian plans on weapons, continued stop-loss selling also added to the  pressure below (the) $1,380 area,” says George Gero, vice president, global  futures, RBC Capital Markets. Also capping gold are higher yields for U.S.  Treasuries and a firmer stock market, he says. President Obama is slated to  speak at 9 p.m. EDT about Syria. “Traders not holding longs ahead of  President’s speech tonight,” Gero says. Another metals trader says between  Obama’s speech and the looming Federal Open Market Committee meeting next  week, where some sort of tapering of quantitative easing is expected, “markets  are content to react to the here and now for time being,” including positive  economic data out of China. At 9:14 a.m. EDT, December gold is down $21.70 an  ounce at $1,365.

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