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Brent Crude Rallies as USA Still Threaten Syria, Gold Loses Gains

September 3, 2013 at 23:57 by Vladimir Vyun

Gold and Brent grade of crude oil jumped today after fears of a war in Syria returned as US President Barack Obama was seeking support for an attack from US politicians. Israel and the United States performed a joint missile test launch in the Mediterranean Sea. Previously, concerns eased after European nations refused to join military actions without additional proof that Syria has used chemical weapons. Yet it now looks like the USA may still attack and this drives prices for crude higher.

Commodities felt downside pressure (and gold actually gave up its gains) as positive fundamental reports from America reinforced the outlook for quantitative easing tampering this month. This week’s nonfarm payrolls should have a great impact on markets. It is believed that the Federal Reserve will scale down QE if the employment data will be positive.

October futures for delivery of Brent crude oil jumped $1.35 (1.18 percent) to $115.68 per barrel as of 23:51 GMT on ICE today. December contract for gold slipped $0.1 (0.01 percent to $1,411.9 per troy ounce on COMEX.

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