Potential tapering and Syrian conflict resolution send gold to 6% weekly losses

FXstreet.com (Chicago) – Gold continues registering losses as the Syrian conflict seems to come to an end and Fed’s tapering, negative for the dollar, seems inevitable.

Metals recap

Gold is down 1.36% and trades at $1,312.50 registering lows at $1,304.60 and highs at $1,330.80. Silver follows and prints 1.21% losses to trade at $21.88 after retracing from highs at $22.19 and bouncing off from $21.42 lows. Platinum trades at $1,446.30 after retracing from $1,451.90 highs and bouncing off from $1,426.00 lows to accumulate 0.24% gains so far. Copper is up 0.09% and trades at $3.2130 registering lows at $3.1905 and highs at $3.2250. Palladium trades at $700.00 and registers highs at $701.75 and lows at $687.40 to accumulate 1.04%.

Syria

The Syrian conflict seems to be coming to an end after President Obama declarations expressing hopeful and fruitful negotiations. Earlier today the Russian foreign minister Lavrov released a statement where agreements between US Secretary of State Jon Kerry and the UN’s Brahimi supported a peaceful resolution.

According to Blake Morrow Chief Currency Strategist for Wizetrade the “lack of USD strength with weakness in gold prompted to take all USD longs off the table from Wednesday.”