Gold prices jumped above $1,400 an ounce Aug. 27, hitting an 11-week high. The precious metal was aided by an indication the US monetary stimulus could be prolonged in addition to “safe-haven buying” caused by speculation the United States could take military action against Syria, Reuters reported.
“Geopolitical tensions in Syria are one of the factors which will be supporting gold prices in coming sessions,” Natixis analyst Nic Brown told the source. “And you also have the latest data out of the United States over the past couple of sessions that was relatively weak and raised the question mark over the timing of the US Fed tapering.”
Gold prices increased $25.90 to $1,419 an ounce today, MarketWatch reported. It reached as high as $1,423 an ounce earlier in the session.
Gold futures for December delivery were also up $20.50 to $1,413.50 an ounce.