goldnews.bullionvault.com / By Adrian Ash / Monday, 9/09/2013 13:31
A surge in Asian share prices – attributed to Tokyo winning the 2020 Olympics bid, plus official news of 7% annual growth in China’s exports and imports in August – failed to lift European stock markets.
Silver lost 1.5% from Friday’s finish, reached after weaker-than-expected US jobs data saw precious metals prices jump.
“Gold shot up over $30 as a result,” notes Mitsubishi strategist Jonathan Butler, “as expectations of significant QE tapering were pushed out beyond September.
“If gold successfully clears the $1400 level, the next technical stop is around $1435.”
But “with a lot of analysts calling for tapering to start in September,” reckons broker Marex Spectron, “this will limit the upside [in silver and gold prices].
“If it wasn’t for the Syrian situation, we would be lower.”
Pointing to last week’s peak of 3% in 10-year US Treasury yields, “Gold prices [had] felt some pressure from rising interest rates,” says Edward Meir, writing for brokers INTL FC Stone.
Thanks to conflicting US data, “Confusion will likely prevent gold from weakening substantially over the course of this week,” he add, “but we suspect that the selling should intensify after the Fed meeting is out of the way.”
Thanks to BrotherJohnF