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Gold steadies as Syria strike fears fade
Monday, 16 April 2018 17:01 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasEmas berjangka

Gold steadied on Monday, surrendering gains made in earlier trade on the back on this weekend's air strikes on Syria, as financial markets wagered the latest U.S.-led intervention would not escalate into a wider conflict.

A retreat in the dollar kept the metal firmly underpinned, however. Prices have trended sideways since January, buoyed by geopolitical worries but capped by expectations for further U.S. interest rate hikes and strong technical resistance at $1,360-$1,365 an ounce, their January, February and April highs.

Spot gold was at $1,344.34 an ounce at 0930 GMT, little changed from late on Friday but off an earlier peak of $1,348.69. U.S. gold futures were 0.1 percent lower at $1,346.80 an ounce.

Forces from the United States, Britain and France pounded Syria with air strikes early on Saturday, hitting three of Syria's main chemical weapons facilities.

However, investors shed safe-haven assets and oil prices plummeted on Monday on expectations the attacks would not mark the start of greater Western involvement in the conflict.

Source: Reuters

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