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Metals Torn Between Conflicting Fundamentals

September 5, 2013 at 1:04 by Vladimir Vyun

Metals fluctuated, torn between conflicting fundamentals. On one hand there, is the situation in Syria. The United States desire to attack the country, but US allies are not yet willing to do so. Additionally, it is thought that the United Nations will not join as Russia is going to veto an attack. Such view reduced fears on markets. Yet now there are rumors that Russia may support a military action against Syria, making traders nervous yet again.

On the other hand, there is the question of quantitative easing tampering from the US Federal Reserve. US nonfarm payrolls will be released on Friday and are expected to have a great impact on the decision of the central bank. The employment data is expected to be good, increasing chances for QE reduction. Such outlook is negative for commodities and it is surprising that metals managed to log gains as of present time.

December futures for gold were up $2.9 (0.21 percent) to $1,392.9 per troy ounce as of 1:00 GMT on COMEX today. Contract for copper advanced $0.009 (0.28 percent) to $3.25 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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