According to Reuters, gold rose after President Barack Obama won the
backing of key figures in the U.S. Congress, including Republicans, in
his call for limited strikes on Syria to punish the government for its
suspected use of chemical weapons against civilians. Earlier on Tuesday,
a missile test by Israeli forces training in the Mediterranean with the
U.S. Navy set nerves on edge. These circumstances stimulated safe-haven
buying in the gold market and resulted in an increase in price to above
$1,416 an ounce.
However, this improvement didn’t last long. The yellow metal gave up
some of its gains as the dollar rose after strong U.S. data boosted
prospects the Federal Reserve would trim its stimulus this month.
Despite this decline, prices held above $1,400 on continued concerns
around Syria.
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