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Gold Price Forecast: Due to attack on Syrian, Gold Price is in Uncertainty

Provided geopolitical and trade tensions can be contained in the week ahead, gold is liable to move lower on net economic trends, although there will inevitably be a spike higher if Middle East tensions intensify and there are further U.S. military strikes on Syria.

Although immediate trade fears eased, gold prices gained strong support during the week from a fresh spike in risk aversion. Geopolitical concerns increased sharply amid fears that the U.S. would respond aggressively with missile strikes on Syria following an alleged chemical weapons attack by the Assad government. Prices peaked at 11-week highs just above $1,360 per ounce before retreating sharply to near $1,335 and settling above $1,340 at Friday’s close.(Commodities Trading In Singapore)

Overall trends in the dollar and risk appetite will continue to dominate during the week. Developments surrounding the situation in Syria will continue to be an important short-term focus as the U.S. and key allies await the Syrian and Russian response to weekend military strikes. U.S. and coalition forces launched cruise missile airstrikes against Syrian strategic targets on Saturday. Markets were, of course, closed when the military action took place and will only be able to respond at Monday’s Asian open. Source

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