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Syrian tensions and its impact on Oil and Gold

Today in New York gold along with oil prices climbed to the upside on Syrian tension as on one hand the yellow precious metal climbed to the highest since June as political tension over Syria increased demand for the precious metal as a store of value while that on the other hand the black gold rose to a five-week high on speculation that tension in Syria will disrupt Middle East supplies.

These Syrian tensions mounted and had a huge impact on overall local and global markets mainly after the U.S. Secretary of State John Kerry said the Obama administration will hold Syria accountable for using chemical weapons against its own people. Plus the Defense Secretary Chuck Hagel said in a television interview with the BBC on Tuesday the U.S. military is ready to act immediately should President Barack Obama order action against Syria.

Accordingly the escalating tensions over Syria also pushed up oil prices and other assets seen as havens during times of crisis, such as U.S. Treasuries and gold, driving them away from relatively risky investments such as the stock markets. As a result the gold rose to trade so far around $1419.40 an ounce recording a high of $1423.65 an ounce and a low of $1395.60 an ounce while that the black gold climbed so far to trade around $109.02 per barrel recording a high of $109.28 per barrel and a low of $105.88 per barrel.

Wednesday, 28 Aug, 2013 / 7:35

Source : https://www.firstbinaryoption.com

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