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Over the course of the last few weeks, gold has benefited from the market fear that Syria was about to be bombarded by western forces. As time has gone by, however, this fear has reduced, and at the current G20 summit Russian president Vladimir Putin has voiced uncertainty over the benefits and legality of military action. China has been encouraged to add their voice to those who don’t want to see US bombs or soldiers in Syria.
What does this mean for the price of gold? The chances of action being taken in the short-term have decreased, but fears that this could change will hang over markets for some time. This uncertainty should have helped stabilise the precious metal but disappointingly has failed to do so.
After some surprisingly weak US non-farm payroll figures gold has jumped $20, but it looks unlikely to be able to hang on to that for the rest of the day.