Gold: an overview of the market situation

Gold prices fell markedly today , reaching a five-week low at the same time , and lead to the largest weekly decline ha last two months, the prospects that the United States will reduce the amount of stimulus measures in the near future . Also on the bidding influences decrease fears of a military operation against Syria. However, after the price of gold rose slightly , departing from the minimum values ​​, but in spite of this, is still trading lower.

U.S. and Russia have begun talks on Thursday , trying to flesh out a plan for the disposition of Moscow mimic weapons Syria.

Meanwhile, today it was reported that Syria has become a full member of the International Convention on the Prohibition of Chemical Weapons . This was stated by the authorized representative to the UN, Bashar Jaafar . The move , he said , was made pursuant to an agreement that would allow to avoid being hit on Syria by the United States .

However, several UN functionaries told the press on condition of anonymity that can not yet be definitely state that Syria has fulfilled all the conditions for accession to the convention. According to the official representative of the United Nations , the Syrian application for accession to the Convention is " pending ."

According to Jaafari , the Syrian chemical weapons were part of a system of deterrence against Israel. "Despite the fact that the weapons of deterrence , it is time to join the international agreement. This is a gesture that demonstrates our commitment to ban all weapons of mass destruction ," - said the Syrian diplomat . Recall that Syria was one of the seven countries that have not acceded in 1997 to the Convention on the Prohibition of Chemical Weapons , which requires all participants to eliminate stocks of chemical warfare agents .

Earlier, the UN said yesterday that they had received a request Syria to join the Convention on the prohibition of chemical weapons .

In addition, we add that many market participants are waiting for the meeting FOMC, which will take place next week, and will be able to shed light on the future program of quantitative easing. It is expected that the U.S. Federal Reserve may announce a reduction of monthly purchases of bonds at the end of its two-day meeting on September 18.

The cost of the October gold futures on COMEX today dropped to $ 1316.30 per ounce.