Gold trade above USD1,400 on renewed Syria strike concerns

Gold traded above the key USD1,400-level during European morning hours on Wednesday, as renewed concerns over U.S. military action against Syria boosted safe-haven demand.

Concerns over a U.S. military intervention against Syria’s government shifted back into focus on Tuesday after the Republican House Speaker John Boehner endorsed President Barack Obama's call for military strikes.

Meanwhile, investors continued to speculate over the timing of the Federal Reserve’s widely expected reduction in monthly bond purchases.

Data on Tuesday showed that manufacturing activity in the U.S. expanded at the fastest rate since April 2011 in August.

The Institute for Supply Management said its purchasing managers’ index rose to 55.7 in August from a reading of 55.4 in July. Analysts had expected a reading of 54.0.

The upbeat data reinforced the view that the Fed could start to unwind its stimulus program at its upcoming policy meeting on September 17-18.

Investors were now looking ahead to Friday’s highly-anticipated U.S. nonfarm payrolls report which is seen as key to the Fed’s decision on tapering.

Gold traders have closely been looking out for U.S. data reports recently to gauge if they will strengthen or weaken the case for the Fed to reduce its bond purchases.

Any improvement in the U.S. economy was likely to reinforce the view that the central bank will begin to taper its bond purchase program in the near-term.

war or not to war..

Pay some xxxgm n have to add more in coming week
USA senate already give Obama License to take action

if US goes to war with Syria, will gold price goes up or down?

I hope gold will stay down, like maybe around $1-1.2k, forever
Or lower

Forever? Then no margin to profit

1388/oz now

I hope golds drop more for now, and I'm gonna buy it again hehehe.

I'm out of all my long gold position.

Gold drop back again.
UOB buying price 148.90

probably will drop more..since NFP tomorrow.

drop drop drop....good to drop

dang, maybank is rm150/g

maybe later they would change the price (or maybe only tomorrow )

Spot price is MYR 146/g

yea, like u said, they are selloowww when it comes to price down...

Add 250gm at PBB ...
Hopes to be LUCKY again

reading news about syria attack. Arabs are funding for US to attack and senate agrees on it. looks like they are going to attack. then, the price of gold might go up.

Rich.. Rich....

NO WAR / Cancel the attack

hahah.. i rather no war la. btw, 1386/oz already