Gold prices ended the U.S. day session solidly lower Wednesday, on profit taking from short-term traders and on a technical correction from recent gains. The#geopolitical tensions in the market place eased just a bit Wednesday, which also helped to limit any new safe-haven demand for #gold. December #Comex gold was last down $22.60 at $1,389.40 an ounce. Spot gold was last quoted down $22.60 at $1390.00. December Comex #silver last traded down $1.044 at $23.39 an ounce.
The afternoon release of the U.S. Federal Reserve’s “beige” book detailed a U.S. #economy that is growing modestly to moderately, depending on the sector. This news was not unexpected nor much different from recent #Fed reports and comments from Fed officials, and thus was not markets-moving. Major world#economic data is just around the corner. The important U.S. #jobs report is out on Friday. The Bank#Japan, Bank of #England and European Central Bank hold their monthly monetary policy meetings on Thursday. There is also a Group of 20 nations meeting this week. #g20 #beigebook
The market place is still a bit anxious regarding the U.S. threat to attack #Syria after the Assad regime allegedly used chemical weapons against Syrian citizens. However, comments by President #Obama on Wednesday seemed to assuage market anxieties somewhat, as the President did not use hawkish rhetoric when asked about the matter at a press briefing. The U.S. Congress appears to be backing President Obama on his notion to use U.S. firepower to strike Syria. Still, it appears unlikely that a U.S. strike will occur this week, as congressional debate and voting on the matter will not be completed likely until sometime next week.
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