Gold: an overview of the market situation

Gold prices rose sharply today, reaching thus the highest level since June, as the political tensions around Syria contributes to increased demand for the precious metal as a store of value. We also add that this concern is also reflected in the cost of platinum, the price of which has reached four-month high.

Note that the U.S. secretary of state John Kerry made an extraordinary statement in which he called the information on the use of chemical weapons in Syria convincing and based on facts. He blamed the use of chemicals in the Assad regime, adding that the authorities destroyed evidence. Barack Obama considers the sheer power of action in Syria. Also, John Kerry, in a special statement promised that the United States and its partners will manifest evidence of the use of chemical weapons in Syria.

He assured that U.S. authorities already have some additional information in the near future it will be presented to the international community.

We add that the price of gold has soared by 18%, retreating from 34-month low of $ 1,179.40 an ounce, which was recorded in June, as lower prices boosted demand for jewelry, coins and bullion.

Analysts say that the fact that investment demand rose several times in recent years, and in conjunction with the escalation of the Syrian conflict, we can expect further price rises in the future.

The cost of the October gold futures on COMEX today rose to $ 1418.70 per ounce.