METALS ON THE MOVE AS SYRIAN AIRSTIKES BEGIN
Precious Metals prices are on the move and gaining in early morning trading. After reaching its lowest point in eight months, comments made by New York Federal Reserve bank president William Dudley along with U.S. airstrikes in Syria have provided Gold’s safe-haven appeal a boost. Societe Generale analyst Robin Bhar said, “The comments from Dudley have allowed gold to open steady and then we have the air strikes in Syria so some geopolitical safe haven buying and the dollar is a bit weaker.”
Stocks in Europe are on the decline after recent data showed euro-area manufacturing and services slowed to their weakest pace this year. With the economy continuing to struggle, many are questioning whether the European Central Bank (ECB) will take action and provide the economy with a boost. Chris Williamson, an economist at London-based Markit said, “Concerns about the Ukraine crisis, related Russian sanctions and worries about the single currency area’s general economic plight appear to be having an increased impact on the euro-zone economy. The danger is that the ECB’s efforts to stimulate the economy will prove ineffective in the face of such headwinds, which are exacerbating already-weak demand.”
At 9:15 a.m. (ET), the APMEX Precious Metals spot prices were:
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