Gold Surges on Fear of Wider Syrian War (Update 2)
Updated from 1:12 p.m. ET with settlement prices
Gold for December delivery at the COMEX division of the New York Mercantile Exchange popped $27.10 to settle at $1,420.20 an ounce. The gold price traded as high as $1,424 and as low as $1,395.20 an ounce, while the spot price was gaining to $1,415.73.
U.S. Secretary of State John Kerry said Monday that Syria used chemical weapons against its civilians, but wouldn't say if the Obama administration would take military action."Gold is nothing more than a liquid currency for the world," Dennis Gartman, editor of The Gartman Letter, wrote on Tuesday. He noted that gold's popularity seems to be rising "in light of the current geopolitical risks that are raising its stature as the first among equals." Gold spike on Tuesday and its ability to sustain the gains throughout the trading day suggested that the yellow metal has positive momentum on its side as investors wait to see what happens in Syria. "I really wouldn't be a seller on a short intervention
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