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Friday, October 5, 2012

how will Impact tensions in the Middle East on Gold Prices

how will Impact tensions in the Middle East on Gold Prices : Comex gold prices are ended the U.S. day session solidly higher and hit a fresh seven-month high Thursday. Prices are now within easy striking distance of the 2012 high just above $1,800.00. The market was supported by fully bullish outside markets that saw a sharply lower U.S. dollar index and sharply higher crude oil prices.

 There was also a sniff of fresh safe-haven demand wafting in the gold market Thursday, as tensions in the Middle East are heating up. December gold last traded up $12.10 at $1,791.90 an ounce. Spot gold was last quoted up $10.90 an ounce at $1,790.50.  December Comex silver last traded up $0.275 at $34.965 an ounce.

On the geopolitical front, fresh violence in Syria this week and rising tensions between Iran and Turkey pushed the market place a just a bit more toward risk aversion Thursday. Reports said Iranian and Turkish troops were mobilizing near their shared border. There was also protesting in Iran this week due to the severe devaluation of the Iranian currency recently. These developments did prompt some fresh safe-haven investment demand for gold.

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