Gold Ends Flat but Mideast Tensions Underpin

- February 16th, 2011

Reuters reports that gold ended flat on Wednesday after a short lived rally to one-month highs inspired by Israel’s announcement that Iranian ships were en route to Syria.

Reuters reports that gold ended flat on Wednesday after a short lived rally to one-month highs inspired by Israel’s announcement that Iranian ships were en route to Syria.

The market news is quoted as saying:

Israel’s comment gave a further safe-haven boost to gold, already underpinned by geopolitical tensions as anti-government protests inspired by revolts that toppled rulers in Tunisia and Egypt gain pace around the Arab world.

“The gold market is starting to pay more attention to the external geopolitical events rather than the positive economic data, which would have kept the market sharply lower,” said Frank McGhee, head precious metals trader at Integrated Brokerage Service.

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