By: Debbie Carlson
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.