Gold futures decline as Syria fears ease, Fed taper in focus

Gold futures decline as Syria fears ease, Fed taper in focus


Gold futures declined during European morning hours on Tuesday, as the odds of a U.S. military strike against Syria eased, denting the safe-haven appeal of the precious metal.
Gold futures were likely to find support at USD1,356.00 a troy ounce, the low from August 22 and resistance at USD1,415.00, the high from September 4.
U.S. President Barack Obama said Monday that he would put plans for a military strike against Syria on hold if the country agrees to a Russian proposal to place its chemical weapons under international control.


Silver futures track gold prices lower as Syria fears recede


Silver futures fell sharply on Tuesday, tracking gold prices lower, as concerns over a U.S. military strike against Syria eased.
On the Comex division of the New York Mercantile Exchange, silver futures for December delivery traded at USD23.31 a troy ounce during European morning trade, down 1.7%.


Copper futures move lower despite upbeat Chinese data


Copper futures were lower on Tuesday, despite indications that the Chinese economy is strengthening.
China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.257 a pound during European morning trade, down 0.65%.


Crude oil futures fall 1% as Syria strike concerns recede


Crude oil futures fell for the second consecutive day on Tuesday, as the odds of a U.S. military strike against Syria receded, easing concerns over a disruption to supplies.
On the New York Mercantile Exchange, light sweet crude futures for delivery in October traded at USD108.63 a barrel during European morning trade, down 0.8%.
New York-traded oil futures held in a range between USD108.21 a barrel, the daily low and a session high of USD109.01 a barrel. The October contract settled 0.91% lower at USD109.52 a barrel on Monday.
Oil futures were likely to find support at USD106.55 a barrel, the low from September 3 and resistance at USD110.70 a barrel, the high from September 6.


Time Cur. Event Actual Forecast Previous
Tuesday, September 10
0:30   USD Consumer Credit 10.44B 12.50B 11.92B
4:31   GBP RICS House Price Balance 40% 40% 37%
11:00   CNY Chinese Fixed Asset Investment (YoY) 20.30% 20.20% 20.10%
11:00   CNY Chinese Industrial Production (YoY) 10.40% 9.90% 9.70%
11:00   CNY Chinese Retail Sales (YoY) 13.40% 13.20% 13.20%
13:00   INR Indian Trade Balance -10.90B -13.00B -12.27B
13:30   CNY Chinese M2 Money Stock (YoY) 14.70% 14.10% 14.00%
15:05   GBP 30-Year Treasury Gilt Auction 3.74%   3.55%
17:00   USD NFIB Small Business Optimism   94.8 94.1
18:25   USD Redbook (MoM)     0.60%
18:25   USD Redbook (YoY)     4.70%
21:00   USD 4-Week Bill Auction     0.02%
22:30   USD 3-Year Note Auction     0.63%